I have no problem with directors taking up options that were...

I have no problem with directors taking up options that were going to lapse. I also have no problem if they make a profit with the transaction because I will too. If options holders let them lapse because they took their eye off the ball because they were having a good time or forgot then that is their problem and I have little sympathy.
I have been a long term holder of heads and bought a lot of options for a miniscule amount a few months before exercise because I was certain that the directors would make them into the money. I was prepared to let them lapse if they weren't in the money and it was a very close call because I had to sell some shares to get the money to exercise and because of the small window, the money from the sale was not available as cleared funds on the Friday expiry. I sent a cheque hoping that they would get it on the Friday and allocate the shares even though it was not technically correct. Well the cheque went through my bank yesterday and I am expecting the allocation.
Now I can relax with confidence and let the directors work more magic.

Duggie