Kfann - very useful topic to introduce, well discussed, and lots...

Kfann - very useful topic to introduce, well discussed, and lots of informative comment on the thread
The conclusion for me from the matter of the options exercising is that it may be either of two situations (at opposite ends of the spectrum in terms of consequences for me as a shareholder), either:
A. CFO sees big SP gains ahead (and wants to hold shares for >12months for CGT reduction)
B. CFO wants out and so wants to exercise then sell (and the exercise of the 'at the money' options is just cover, i.e. exercise to give appearance of positive view while planning to sell)

Of course as a shareholder, I would like it to be A. but there does not seem to be any evidence/reason that it may not be B. So I am uneasy!

Other reason is possibly:
C - CFO feels that there may be a takeover coming from a big IT/other player, and he wants to "bulk up" as a shareholder to have a bigger say in the outcome, and a bigger role after the takeover.