The complete answer is:
* the options were lapsing in August this year, and could have been exercised anytime up to then
* if Dr T had waited to exercise them, he thought there was a non-negligible risk that he might not have held the heads for 12 months before a takeover
* Dr T thought that the chance of a takeover happening before August this year, and getting the CGT discount on the tails, was sufficiently small to go to the trouble of forking out $400K now, despite not earning any cash from RAC for his 24-hour days.
And this is why he isn't celebrating yet.
Ann: Cleansing Notice, page-98
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