Interesting announcementAs you can see from the attached link 2...

Interesting announcement
As you can see from the attached link 2 Directors had options Expiring on 6 March 2011.
Anderson 500,000.
Woolfe 500,000.
The way I read Fridays announcement the above to Directors paid $165,000 to convert 660,000 shares and 340,000 were not converted refer
Link
http://www.asx.com.au/asxpdf/20101112/pdf/31tvmys7fgnllw.pdf

With a current takeover at $0.28 I think we are being given a clear message.

Please DYOR and make your own conclusions.