Potential Upside of WKT - Expandable Graphite, page-2816

I would say that he has every right to convert his options, going by extract of corporate governance below.

Schedule 9

22. Exceptions to the policy: Designated Persons may at any time:

1. (a) acquire ordinary shares in the Company by conversion of securities giving a right of conversion to ordinary shares (but may not sell all or any of the shares received upon exercise of the options other than in accordance with this policy);