Very odd issue. Don't management and mates have a heap of shares...

Very odd issue.

Don't management and mates have a heap of shares in this? A way for them to fill up on the cheap?

Question to the more experienced punters. Can management sell shares and then exercise an option within T+2, replacing the sold share resulting in not having to give notice to market as holdings haven't changed?

Or is the notice given to market if any trading activity has occurred, regardless of if holdings don't technically change?