Ordinarily I would agree. It doesn't make sense........UNLESS,...

Ordinarily I would agree. It doesn't make sense........UNLESS, sell volume + options on hand + stock already held, needs to
total a "certain" amount. You could wait for SP to come into play in order to exercise options, but that would most likely be for sale purposes. What if you weren't ever intending to sell?? How do you get your hands on the most stock as possible, at the cheapest rate possible, yet still quench your thirst for the volume you require??
Not saying this is a highly likely scenario, but definitely one that shouldn't be overlooked.