Ann: Application for quotation of securities - VRX, page-4

Cashless exercise transactions are made possible by brokers, who will lend employees money with which to exercise their options. The proceeds from exercising the options are then used to repay the broker.


Seems like an employee had 500,000 options and borrowed the money from ? (maybe the company or a Broker) to convert 58,823 shares.

The shares were worth $0.91 at the time of conversion.

Doesn't make real economic sense if this is the case as in borrowing 15c to buy a share worth 9.1c so I may be way off in my understanding of the matter, which would not be the first time in all sorts of matters.