That's $1.75m that the BoD themselves would have had to pony...

That's $1.75m that the BoD themselves would have had to pony up... more than likely by selling heads if those oppies were in the money... to our friends in Heidelberg. (Circle of life and all that)

I covered off on this before - but can't be @rsed finding my post: those 21.7c oppies have essentially been washed into new 30c oppies. So it's actually not a horrible thing. Yes, the horizon for them might have been higher and later - a "stretch target" - but now if these are exercised, it will be an almost 50% larger cash injection for the company.

Remember: these aren't "free" shares - they are only of benefit to the BoD if the SP is higher than the strike price. And right now, I'd say all of us would be a lot happier if the SP was 30c...