more option conversion , page-3

I have included a question about the exercised options for the AGM tomorrow . It will be interesting to see what response they give.

6) HDR share price has not responded to this year's successes?
• Who are the major sellers of HDR shares.
• Have recently exercised directors options been sold on market
• Has Macquarie been a prominent seller to prevent the December 2003 warrants being taken up. or are the sellers those investors/institutions that participated in the last discretionary 15% placement