XPE General Topics, page-3156

Means nothing, they are subject to blackout periods that makes timing hard and not to mention they are just like every other shareholder, they have no idea where the top is. It doesn't imply anything in that they could have easily missed out selling out at 10.5-11c on the heads (and the equivalent oppies price at th etime). If they had the benefit of hindsight who knows, they could have sold then.
It's akin to the vast majority of holders mentioning the chippies announcement who refused to sell out at 10-10.5 c for 'pips' as they put it. In hindsight would they have sold out - well you'd be a fool not to. 3 cents of pips later buying back in now would make you a fine fortune just getting back to 10c let alone that major chippy announcement that has been 'coming' today for the last few months.

I agree with wet - the oppies conversion is a common sense choice: anyone with options in the money would convert. It doesn't necessarily mean any vote of confidence because you don't know what directors are thinking.

They wouldn't have converted options if they weren't confident someone posted above... how often do you see millions of XPEOB liquidity on a day to day basis. It is far easier for them to exercise that many millions of optiosn and if need be, sell them into the market at a time they wish given the amount o fliquidity there in comparison. They then don't have to worry about fluctuations in the XPEOB price in the short term and trying to beat the pre expiry date, as they're solid in heads and can time their exit (if they want to exit even) whenever they want.