It's the individual circumstances and facts that is important in...

It's the individual circumstances and facts that is important in the market trying to make any assessment of any particular transaction. You have discounted the scenario presented based on current facts. I have only expressed an opinion.

If company A is currently paying dividends and a director exercises options early then it is expected that the director has done so in order to increase holdings before dividend declaration in order to make a return on funds deployed in excess elsewhere or any other alternative in the market. This situation will be well received by the market as the market would be expecting that the insider has been motivated to do so in expectation of beating returns available elsewhere. Is this not a logical conclusion???

DVP is currently not in this position and has communicated this sufficient for investors to conclude no dividend was due before option expiry.

With the above again reiterated, had the options been exercised early on the above facts (it could be) perceived as trouble cash flow or working capital as markets try to understand the financial decisions and motivations of insiders. Handing over cash early and foregoing a huge opportunity cost of investment returns elsewhere in absence of a dividend would leave many scratching their heads.

If a director cannot maximise their personal investment returns then how can they be trusted to make sound decisions to maximise shareholders returns?? In the above scenario I have presented BB has maximised his position. No one will know fully the motivation for timing but I think my scenario stacks up and is a logical conclusion for any investor.