What I don't get is why you are equating directors options @ 11c with your understandable risk averse tactic of being 'free carried'. What is the connection?
Surely you do not think directors are pumping for an 11c pre readout SP only to put themselves into a position where they may want to dump them if everything goes pear shaped.
Why would they not just wait until post readout before deciding whether or not to convert the options.
Your rationale escapes me. Not with respect to risk aversion, but rather the link to directors options.
[and btw, you initiated the discussion of such a link ... am I missing something?]
If the pre readout SP reaches 10c with sufficient liquidity, I may elect to lessen my risk but it will have nought to do with director's options.
Ann: Shareholder Update Q3 2018, page-47
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