The solution I proposed was specifically for hyperlinks.
It won't have any effect on Excel (formula) links such as those you
describe.

Formula links are held as relative if the source workbook is in the
same folder as the destination workbook, or a sub-folder of it. [Which
is good if different users use different drive mappings or if the files
are moved as a set to a different location, but bad in your case of
emailing the file]

For formula links, I suggest you do the following:
- in Excel, open the file from its network location
- save it to a local folder. That will make the links non-relative
- send the local version by email.

Of course, the recipient will likely be unable to access the source
files. (Because if he could then you could just send him a link to the
file instead of the whole file)

Please let us know how you get on with this approach.

Bill Manville
MVP - Microsoft Excel, Oxford, England
No email replies please - respond to newsgroup