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This is the third of a three-case series (399-066-1 to 399-068-1). Phil Crane, co-founder of Deep Sea World, was preparing for the company''s flotation on the Alternative Investment Market (AIM) in London. Discussions with the company''s financial advisers had however, apparently reached a deadlock. The problem was a share option scheme put in place at the time of a previous restructuring, allowing Phil additional shares in the company''s capital if the company met certain financial targets. AC Grierson, the company''s sponsor for the floatation, did not believe that they would be able to proceed with the transaction with the option in place Phil, on the other hand, had fought hard for the option in the first place, and did not see why he should give it up now.