Ann: Appendix 2A and Notice Under Section 708A, page-31

Based on that interpretation, which sounds correct (and assuming there is an actual loan, rather than the options being offered as remuneration with no debt obligation), I think this is probably a good sign.

If there is no debt however, they could have exercised and sold immediately (or not sold), so unless we are sure there is a loan (which may always be the case with a cashless exercise facility - I’m not sure) and we assume that the staff have a pretty good feel for the prospects going forward, then we don’t really know whether it’s a good sign, a bad sign or neither.