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Many thanks for all your comments/advice.
Each of you actualy gave me a useful piece of information – although my conclusion is there is no perfect solution – rather its a problem to be managed and made use of where possible.

My action, has been to send out a password protected PDF with a watermark saying “for the use of [subscribers name] only.” I understand the password can be cracked if someone is determined enough, but at least they will have to so something subversive and may think twice about it.

In future I am going to look into the specialist digital rights management software – but at this stage its pretty expensive – around $US5k.

Thanks again.