Exactly. It was a business decision protecting vested interests...

Exactly. It was a business decision protecting vested interests at the very least. Convert the options knowing full well that cash-backing is above the exercise price. Moreover, as an insider he can foresee any turbulence on the horizon and so can quickly push the eject button and sell out under the anonymity of a normal person, thus not risking any part of his capital. I agree that his position would've become grossly untenable had he not converted them, or heaven forbid, did an off-market transfer for them to a third party. Nevertheless, it's a step in the right direction because now he has some true skin-in-the-game. Wish I could say the same about Lloyd, but he seems to merely be hired help and no more (a seat filler if you will, which would explain why he holds no MAN shares). Not unlike Jimbo, that Roger character has been a huge disappointment too and appears hopelessly out of his depth. The past year's announcements are evidence of this as is the MAN stock price. The AGM is on next Tuesday, so make sure you all get there early before the rotten tomato stand out the front gets sold out! The three amigos will be on the hook for this year's sub-par performance. Can't wait to have a 'First Strike' confirmed; and that we have the 'against' votes for freebie options/performance rights!