This one is interesting because the options were not due to expire until 30 August 2012. Whoever exercised coughed up $600k a year earlier than they had to, most likely in order to access the dividend.
This is a good sign - no-one coughs up money earlier than they need to unless they think they can make more money from doing so, which must mean they expect the amount of the franked dividend plus the ex-dividend share price to be greater than 63c.
I would guess that our cash in the bank now is close to $240m given we were at just over 230m at the beginning of August, and we have earned around 1m in interest, 1.2m from options exercised, production at record prices, and potentially also our first quarterly copper royalty. That is 68c of cash-backing.
EXS Price at posting:
63.0¢ Sentiment: Buy Disclosure: Held
