g thomas....litmus test

gavin thomas, who sits on the boards of both andean and kingsgate, has just exercised 6m options at 20c. he now holds over 10m andean shares. i wonder what he will do with his shares - after all, it does not look like he has accepted the kcn offer. what confuses me slightly, is the logic in exercising options (2m) that have an expiry of 2009. one would think that mr thomas is well placed to work out the merits (or lack of) of the offer

anyway, as i write, there is no premium in the andean shareprice, compared to the kcn offer