Also, something else to consider. If they know good news is coming they can't buy shares on the market. That would one insider trading.
But exercising under the water options to get shares is fine. It's their options, they have the right but not the obligation to exercise. They didn't exercise early, the timing was just right.
Ann: Change of Director's Interest Notice X 3, page-5
Currently unlisted. Proposed listing date: WITHDRAWN
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