Star Co had 10 million ordinary shares in issue throughout the year ended 30th June 2016. On 1st July 2015 it had issued £2 million of 7% convertible loan stock, each £5 of loan stock convertible into 4 ordinary shares on 1st July 2019 at the option of the holder. Star Co had profit for the year ended 30th June 2016 of £2,450,000. It pays tax on profit at 30%. What was diluted earnings per share for the year?