Here's how it works... e.g., for Smith entitlement 1,450,000 options
Based on weighted av SP 59.9 cps, then 1,450,000 shares = market value of $868,550
Entitlement was 1,450,000 options to convert @ 30 cents = $435,000
$868,550 (mkt value) less the $435,000 (payable upon exercise) = $433,550
So, $433,550 @ 59.9 cps = 723,706 shares =/- roundings.
Options exercised with absolutely no money paid into the company.
Sound fair???
Ann: Change of Director's Interest Notice - Peter Smith, page-2
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