the $6.50 oppies, page-8

Iceman I understand how the value for tax purposes was calculated under the black scholes system - These options were unlisted so the price the market would pay for them was untested.

If the share price was $7 and the option was $6.50 the price with 1 day til expiry was theoretically 50c- now if the time to expiry was 2 years then the options could have a substantial time premium included they could be trading at $2.50 being in the money.

The reality is they would probably have traded at 1c or less for most of the period as they were way out of the money but I believe you are correct in the year they were issued Director Hutchison was in the top ten paid directors in country according to BRW.

Hoot