I doubt it, but very likely he is the one selling on the market...

I doubt it, but very likely he is the one selling on the market at the moment to recoup his money (with a profit) and then planning to just sit on the options.

This is the sort of nonsense that we will have to put up with when these preference shares are converted for a gain over the original investment plus the holder is given the bonus of free options that are nearly in the money with 2 plus years to run on them.

So I imagine that we are going to see the price, at times, strengthening, only to then see a dump of these converted preference shares knocking the price down.