Ann: Loyalty Option Issue Raises $23.6M, page-10

I have just spoken to Joel re this point. The company was approached by a strategic group early on during the options process and at that time the board collectively decided to forego their entiltlements (albeit well in the money) to bring this strategic group in to the fold.

That's all there is to it, it was a strategic move by the board to ultimately assist with liquidity in the US ADS program. Nothing has been unsold otherwise it would have to be declared with the directors interests.

Ted.