I have though about this a bit today and think it only makes...

I have though about this a bit today and think it only makes sense if the disposal of shares (from which the exercise price will be deducted from the disposal proceeds) does not need to immediately occur.

This raises the question, as you pointed out, why woupd you exercise an option where the exercise price is higher than the SP. In ordinary circumstance nobody in their right mind would, as you could buy on market cheaper. However, if the employee did not have the funds to buy on market the exercise of the options allows them to have exposure to SP fluctations without the (assumed) need to pay just yet. This still leaves the question why would the employee exercise at a SP higher than the current SP unless they expected the SP to be above the exercise price when they are required to sell tge shares to pay for the exercise price.

Maybe I am drawing a long bow here, but I think it is suggestive of good results or at least the belief that the results will be good. Because I can't think of sny other reason to exercise.