How did you figure that out? Looks like a straight conversion of 400K options to shares. He had 1,854,403 indirect shares, and 400K indirect options. He converted the options for $60,000 and now he holds 2,254,403 shares, the math looks straightforward to me! If he sold he would have had to declare an on-/off-market trade, instead it simply says 'Exercise of $0.15 options'.
Ann: Change of Director's Interest Notice, page-11
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