Ann: Bioxyne Launches NZ Dairy Formula Product in South East Asia, page-126

Directors in BXN as part of their remuneration package were awarded a bunch of options to purchase BXN shares (I think at 1c per share), but the option to purchase these shares expires at 15-Dec, after which they become worthless. So they have exercised these options, and converted the number of options in that announcement a 1c per option (that goes into the companies balance sheet as equity).

So effectively, the directors now have a bunch more shares in BXN that they paid 1c for. In theory they could sell these shares immediately and make a profit immediately. But if they hold onto them, you can interpret that as a sign of confidence that the directors believe these shares will be worth even more.