exercise of options announcement, page-8

Hi Apprentice

Actually I was assuming he got them for free and exercise price 30cents to convert to fpo. GDN market price last 61 cents = 31 cents profit. GNO price last 36 cents = 36 cents profit. Why go to the trouble to convert and lose 5 cents (16% minimimum)) possible profit on the deal??

Unless the director is really stupid he has not converted for negative reasons. He must have other reasons for wanting to hold as shares rather than options.