i wouldn't call it an extension as we did have to fork out a tiny bit of $$$ LOL and legally they cannot just extend them with a new conversion date..
what they did was allow holders of the options.. that still held on 31st Dec to apply for the same amount they held for a very small fee of 0.0005c if i recall ... and with a marginally higher conversion price of 0.01125c but i could be off on the exact amounts as this is all by memory.. and with a new conversion date of 31st Dec 2011...
So they did in a round about kind of way extend them by 1 year ;-)
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