If said tome arrived that morning and 18 sheets have already been used then either the poster has my sympathy or it is printed on exceedingly poor paper.
Seriously, why did the directors (and ex) exercise options. For me there can be only five reasons, as they still have plenty of cash.
1. A dividend is due (!)
2. To sell into the market
3. For CGT purposes (taper relief) - probably only applies to the ex
4. They were about to expire
5. Directors want to express faith in the share
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