"exercised at 20c" – no, the options were exercised at 2c, not 20c. Subsequently selling the shares is a different transaction.
"4 directors tax situations would be different" – yes, there will be differences, but all four of them had their options in a trust fund so I made the simplifying assumption that the income would be taxed at the company rate rather than the individual personal rates.
"sale proceeds from the shares can be taken as their market value" – I think you might have been looking at employee share schemes for this information. This situation is different on two counts: 1) the securities were options not shares, 2) the people involved are directors not employees.
PCK Price at posting:
23.0¢ Sentiment: Buy Disclosure: Held
