Ann: Appendix 3Y , page-24

"Just for the record - it was past directors (Morgan Barron and Gino D'Anna) that exercised their 6 cent options. You will never know whether they hold or sell.

Quite bizarre/fascinating that Bevan Tarrat did not at least exercise his 6 cent options. I can understand not exercising the 10 cent ones."

.....which makes be think the non-conversion may be linked to a blackout period for directors. The former office holders would face no such restrictions.