we lose due to mgt incentives n market?

I can't see why management has a good reason to sell EFS at the likely-offered selling price in the current market.

Options strike is at 70c, and they only come into play when there is corporate action above about $1.05/1.10, as I recall.

If management sell EFS such that the share price goes to about 80c, they then have to exercise their options to get a dividend or capital return of let's say 60c.

After the pay-out the share price could tank to about 20c in this market. So conceivably they need to get the cash to pay the 70c per option, with the prospect of only getting a return/value of 80c (if the share price stays as high as 20c later).

So they have to payout 70c to get a return of 80c over some time (while riding general market risk and the specific risks the now cash poor company faces in trying to do the same thing over again).

What are they better off doing? Selling to serve sharholders in terms of a scenario like the one above, and the accompanying risks it presents to them personally, or waiting idefinitely until/if a high price sale eventuates, while they continue to have very well paid jobs and benefits in a cash-cow company?

Is there insufficient incentive for management to sell now? What am I missing please?