throw your media reports in here, page-27

Fair call. The other way you could look at it is that you stump up the cash now, then after 12 months you have no CGT issues. Depends on where you see the share price in 12 months plus. I see this being several dollars.

The other thing is that in a take over, options carry no weight. It is only shares. So you need to stump up the cash quickly to convert and then incurr a large CGT in the sale.

It depends on risk as to what you do. High risk I would sit on the options.
Low risk and about to explode out of the blocks like CDS I would probably convert. Ripper and Swann dont need anymore money. All Directors will be in the top marginal rate so would loosse 46% of all winnings. When you are talking millions, it would really make you wonder.