This relates to what has been mulling around in my head for a...

This relates to what has been mulling around in my head for a while now. The insiders have oppies with a strike price of 14-15c. They are well and truly in the money, so why aren't they being exercised?

I believe chances are they all have as much as they can afford or want of the heads already, so the only way to get the cash to exercise the oppies is to sell their heads.

The thing is, they have until the end of this year to exercise, so the fact that they haven't sold to convert suggests to me that they expect the share price to be higher when they decide to do so.

I think once we start seeing meaningful amounts of these oppies being exercised, the share price is probably at a point around what the insiders think is fair value (that or time is running out to exercise them).