Ann: Appendix 2A, page-4

Because the option holders are long term investors and they could have put the money to other uses between now and December 2022. They could have put it into Crown shares or gone to Ibiza with the fat bloke and @Arb0real for a holiday. Putting it into HWK stock now earns them no extra coin but they did it anyway. It's almost an altruistic action that only helps the company. It shows loyalty and, more importantly, confidence in where the share price is headed. The option holders are board members and management by and large.