Sorry, I misinterpreted your post - the emphasis on early, you're right.
The flipside of that is he's getting them at about 12% discount to current market prices. If he were purchasing on market, I would be extremely buoyed for the fact that he's paying market prices regardless of who gets the money.
I think you were talking apples and I was talking hypothetical oranges of options/no options.
Nevermind...
Ann: Change of Director's Interest Notice, page-13
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