Who cares if they have to pay 20% over market prices @Thanky?...

Who cares if they have to pay 20% over market prices @Thanky?

They care, their wife cares, their kids care, their bank manager and accountant cares!!

Imagine having that conversation with your wife, "honey, I am going to pay more than we need to converting those options, instead of buying the same shares on the market for 20% less, or for 30% less if I simply organised a capital raising......don't worry, it will be a great investment, not in a monetary sense, but because a few random posters on a website will be really proud of me!"

And I have no idea how you think converting worthless options provides a director with any liquidity. They still have to disclose everything to the market and would usually get panned for converting options and then selling them. Even worse doing all that at a significant loss!