intellectual property, page-25

Well thanks for the encouragement. Apologies if I was a little over-defensive.

Btw Shanghaiguy, another cynic elsewhere has pointed out that under IFRS, the first set of options would have had to be expensed through the income statement in the FY09 accounts at a cost of around $5m (directly off profit). The re-issue will fall into the current financial year instead (though I guess be worth considerably less - I haven't attempted to value them myself).