Ann: Change of Director's Interest Notice - M Hepburn, page-5

You need to remember he will have to pay tax on the gains of the shares he sold, so that could easily eat up the $170k extra in the next year or so.

If they were shares ought in the cap raise last year at 16c, then the 51c profit is taxable, so ~$725k profit. That takes anyone into the top tax bracket.

Even at cap gains rate, (50% added to income) that tax would be ~12c/sh X 1.45m = $174,000, or thereabouts.

Converting options to shares while keeping most of that (sold shares) cash in the stock except for around the taxable amount is definitely showing confidence in the stock.