mmno options exercised months before expiry

From the ASX, the latest MMN Company Announcement 14 May 2008 is worth noting.

Here we have some economic genius (and if it was a Director, I guess we will find out who in a couple of days) spending $6,205 of his own money converting 24,820 MMNO October 2008 options to fully paid shares @ 25c.

Let's analyse this transaction, shall we?

Conversion cost @ 25c of 24,820 Oct 08 options = $6,205.00

Market value of options:
$0.013, or 1.3c per option.
24,820 options have a market value of $322.66.

Market value of 24,820 shares acquired:
$0.125 each is a market value of $3,102.50.

Now, this financial genius has paid $6,205.00 for the 24,820 shares by exercising these options four and a half months outside their expiry!

SO, instead of buying 24,820 shares on market for $3,102.50, and selling the 24,820 options on market for $322.66, this genius has paid $6,205.00 rather than less than $3,000.00!!

If it were a Director, I'd expect to see an Appendix 3Y to this effect shortly.

One could not possibly fathom why a Director (or anyone, for that matter) would undertake such a poorly thought-out financial transaction, could one?

If you expect the October 2008 options to be "in the money" approaching the exercise date (as we all fervently wish!), wouldn't you rather purchase 24,820 shares on market today, and keep your options, and save over half the cost of the transaction???

Any comments on my proposal for the "MMN Genius of the Year" award, or are there far too many contenders?