He's in the US so my understanding is that he pays tax on the gain on the shares he sold so he keeps say $600k out of the $950k from selling the shares. He pays $375 to convert, and he pays tax on the gain on the options based on the share price on the day he exercised the options - that gain was over $600k so that's probably $200k tax.
That leaves him about square on a cash basis for this tax year but with more shares - I'd say it looks like good planning for someone who thinks there's good gains ahead.
I'm waiting for IMEC meeting news
Ann: Appendix 3Y - Guido Arnout, page-229
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