Many of the options went to long termers ipod early last year,...

Many of the options went to long termers ipod early last year, hence the illiquidity, via the issue at 16.5c and a free option. 28/02/11 is the ex date at 20c - plenty of time and looks very likely to be in the money IMO. As a reminder, their are only 12.9m of them. The recent small placement underlines the careful guidance of the Board not to dilute in any meaningful way unless shareholder value can be realised, plus, for me, it gives a ver clear smoke signal for long termers that demand, even from off shore may be evident, when it finally comes time to act to stitch up finance.