There is huge opportunity cost in exercising his options early....

There is huge opportunity cost in exercising his options early.

He just handed over $10.5M, why would you covert early to currently a non income generating or yielding investment then alternatively keeping the funds tucked away earning a moderate rate of interest at low risk??

It had been well communicated to the market that DVP is in growth phase and was not going to pay a dividend by option expiry date.

A more plausible argument may be that if BB converted his options earlier than expiry date that this would be perceived by the market as a negative in that DVP needed the cash early due to working capital or cash flow issues. The fact he handed the cash at the last minute like any astute investor would have done in this situation demonstrates that DVP were not running out of cash or having significant cash burn.

If I was in his position based on where DVP is in its life or development cycle I would have done the same and I believe the majority of intelligent investors would conclude the same.