IMO,The implications are that the directors have been undermined...

IMO,
The implications are that the directors have been undermined by the shareprice and nothing else.

Their ability to excercise (or moreso the banks decision if they applied for a loan) would have hinged on the overlap of profit from excercising the options and owning the shares - this can be a condition of the loan and the bank automatically takes their owed money before the borrower does and there is practically no risk if the option is 30 and the share is at 60...for example.


I 'necessariyl' dont see this as an indication of anything regarding a sale, it ease or difficulty to sell etc.
But i do see that perhaps the directors would have wanted a sale result before their options expired, so as to have had the chance...


L