"pointed out last week on HC"Not by M12 by chance was it? You...

"pointed out last week on HC"
Not by M12 by chance was it?

You seem to have confused an implied value of unlisted options (of which 100% is time value as they have zero intrinsic value) with a cash payment.

From the AGM notes:

"It is a requirement of ASIC that a dollar value be placed on the Options to be issued to
the Related Parties.

The Black-Scholes option price calculation method is regarded as acceptable by ASIC as a valuation model where the Options cannot be readily valued by some other means.
In determining the dollar value for the Unlisted Options, the Company is required to disclose the following assumptions:
„X The Unlisted Options are to be exercisable at $0.50 each.
„X The Unlisted Options are to be exercised on or before 30 November, 2011.
„X Price volatility of the Shares is approximately 30%.
„X No discount has been allowed notwithstanding their unlisted status.
„X The average current risk free interest rate is 8%.

On this basis, the implied ¡§value¡¨ being received by each Related Party is $0.30 per Option. The implied ¡§value¡¨ being received by each Related Party for the Options is as
follows:

Related Party Value
Dr Vagif Soultanov $1,800,000
Mr Denis Kilroy $1,200,000