Seems like a lot, but in relation to how many are available it's...

Seems like a lot, but in relation to how many are available it's not really, I would put it down to just business as usual. Could be any reason for cashing early, including getting in early for CGT exemptions or just needing a bit of liquidity. It's not like a huge amount has been called and dumped into market, doesn't even raise an eyebrow. Even at the tax rate of a superfund it is not worth cashing in this early for roughly 180k profit, especially with drilling on the way and so much opportunity for SP growth. I can't see any way it would be negative for the amounts that have been called especially with all the potential on the horizon.