Ann: Options Exercise, page-54

Hi Jello, that is fine as I assume you havent been following in major detail if not you would know the answer to your question.

The majority of the Top 20 this year were either the same Top 20 of 2019 that added more or new entrants that bought on market this year (Such as Glenn Poswell). As I went through who I recognized in the Top 20, all of our BOD are there except Sud who has his own set of unlisted options.

If they converted it would be announced as a change in Director's interest. Clearly they have not yet but from previous talks to the company I am assured that they will all be converting. Also the posts from Chaya inform us that he has not converted (IMO he is #1 oppie holder) and neither has Croup (#5 holder). Most of the Top 20 is either the BOD or related parties who are also in the Top 20 for the shares.

From reading some of the posts here it has been confirmed that all of these transactions so far have been a combination of a bunch of smaller holders. When the big boys convert it will be apparent due to the size of the conversions.

As for not seeing what happens with a company that is getting so close to option expiry take a look at NVA and ADN.
NVA oppies expired already but had the same selling pressure right into the final week where it just took off. From 5c to 10c. 99% of oppies converted. ADN oppies expire in November, but flurry of major conversions including Directors and they have flown to ATH.
IMO IHL will do the same. So if you want to save a few pips dont hold your breath.... you may miss the train entirely.