unlisted options being converted to shares

I'd like feedback from the gang here on why you think all these unlisted options are being converted to shares .... it has me just a tad concerned.

There were unlisted options issued back on 3/8, 11/8, 12/8), but not with a 40c exercise price like the recent conversions have been at on 7/9, 12/9, 14/9.

Are they director conversions ? ..... and if so you would only do that if you wanted to sell them on market ?

Maybe they are 40c options for 'services rendered' .. I dont know.

Just has me a little bemused ????