let's not get ahead of ourselves. when converting options on the inside they can net out their position in one transaction. that is, sell enough heads at the same time as they convert the options. the converter (in this case a director) puts in no money and receives their heads sans the cost of conversion.
the directors have not necessarily used their cash (but could have) ... but I doubt they would it's too easy not to.
Ann: Appendix 2A, page-23
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