iinet and swt values asqew, page-7

Yes, Croup, I'd say it is HIGHLY likely SWT opts will be 'in the money' at expiry in March 2005. In which case, Swiftel receives a cash injection of $6.3 million from their exercise!

The dilutionary effect of the options, if that is what you're driving at, is neutralised at current prices.

The comparative market caps of SWT at a little under $14m vs IIN at a little over $262m stand.