Ann: Half Yearly Report and Accounts, page-10

Just to add to this - Frank is no ordinary holder. He can't convert and dump because of the signal that sends to the market. So he's basically spending $430,000 with no intention of seeing it again IF things go bad. It's a lot to lose considering he's spent another $400,000 over the years.

If he converts the options without selling any ordinaries, or without dumping them straight after, that's a nice show of strength. Watching curiously...