He exercised his 1 cent options expiring this DecemberThese...

He exercised his 1 cent options expiring this December

These options were received for free but he still paid $20,000 to convert them. The price has not been 1 cents for a while, and he converted these very recently. Why?

People who understand how options work, would not pay $20,000 to exercise them when he could have bought the same amount for $14,000, saving $6,000.

Often in the past people have commented here that JP does not have much skin in this game. Only has under 5,000,000 fully paid shares. Some might think this is a lot of shares, but being the Managing Director, I don't believe he has invested much in PNO. I have more than triple this amount.

His main way of receiving gain is the incredible high salary he draws from companies he is a director of. Also, he has 14,000,000 options in PNO, which i believe he gave to himself as an incentive to work. If PNO goes up considerably, then he too stands to gain from his options.

Hence, since he knows how options work, he did not exercise these options now in order to own more shares as an investment. Rather, he has realised shareholders mean business, and hence by buying options, he may be trying to soften our attitude towards him, to influence our perceptions of his attitude towards our investment in PNO.