Ann: Change of Director's Interest Notice, page-10

I am not 100% sure - but I took this to be a non-cash transaction. As elsewhere in the notes on the annual report there was a loan issued to all the staff for the value of the shares. Or put another way, it wasn't an options package, but issuing shares (11m or so) and a corresponding loan issued to the same amount. Therefore both the loan and the shares have been cancelled in a zero sum game.

Exec. remuneration is a huge sore point for shareholders (generalization, but often discussed at AGM's / media / proxy advisors). And whilst I believe that rewarding good performance is essential, I do take some exception to these sorts of deals, where exec's acquire large shareholdings without taking any personal risk themselves.... there is a great quote from Peter North on this (will post if I can find it).

But as a retail investor - I can make me feel like 'a mug' paying for shares, whereas they come risk free to execs - who have a salary and net worth already 10x the average punter.