Madman, the RNS is crystal clear - he exercised 650k options and sold them at 100p. He also acquired 820k shares in the same way at the same price in Oct'05 which he had held. So it makes no difference to us which shares were sold, only to him for tax purposes.
But he has had to lay out £390k on exercising these various options in 14 months. Gross that up for tax and we're talking around £580k of expenditure.
The selling of £650k of shares is therefore more understandable in comparison to having to spend £580k of pre-tax income in just over a year.
I would rather not have had this RNS. But it simply makes this a buying opportunity imho given the likely proximity to a trading statement. Though I could be wrong :o))