Ann: Shareholder Update Q3 2018, page-34

Not sure I understand.

Director options are all Dec 2020/June 2021 expiry.

All things being equal - topline results/readout/partnering discussions etc - plenty of time to convert when they should be well in the money. Obviously can't speak for Directors, but wouldn't think they would be looking to excercise and sell at the first opportunity.

Wouldn't be a good look, or inspire much confidence going forward.

If this is a partner play - go the EU/FDA Phase3 route and grow the business - the options will be worth multiples in 2-3 years time.

If it's a buy-out play, they still have a wide open window in which to exercise and benefit from an SP that will presumably be a fair way north of where it sits now, depending on the terms of any potential offer.

Am I missing something?