agm options results

Something strange must have gone on at the AGM.

Apparently, Peter Lloyd and Cecil Bond were the only 2 directors to have their options approved.

Why did Smartt and Maloney not get their 1,000,000 and 250,0000 options approved?


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This is what was Proposed
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6.1 Ordinary Resolution - Issue of Options to Peter H. Lloyd or his nominee To consider and, if thought fit, pass as an ordinary resolution:

"That, for the purposes of Listing Rule 10. 11 of the Listing Rules of ASX Limited and for all other purposes, the directors of the Corporation be authorised to issue to Peter H. Lloyd or his nominee, upon re-election, no later than one month after the date of this meeting:

2,500,000 options for no consideration to acquire fully paid ordinaiy shares in the Corporation exercisable at A $0.50 in the period May 25, 2007 to May 26, 2012, such options to be issued in accordance with the terms and conditions set out in the Information Circular

6.2 Ordinary Resolution -Issue of Options to Cecil R. Bond or his nominee To consider and, if thought fit, pass as an ordinary resolution:

"That, for the purposes of Listing Rule 10.11 of/he Listing Rules of ,4SX Limited andfor all other purposes, the directors of/he Corporation be authorised to issue to Cecil R. Bond or his nominee, upon re-election, no later than one month after the date of this meeting:

250,000 options for no consideration to acquire fully paid ordinary shares in the Corporation exercisable at A $0.50 in the period May 25, 2007 to May 26, 2012; such options to be issued in accordance with the terms and conditions set out in the information Circular

6.3. Ordinary Resolution - Issue of Options to John Maloney or his nominee To consider and, if thought fit, pass as an ordinary resolution:

"That, for the purposes of Listing Rule 10.11 of the Listing Rules of ASX Limited and for all other purposes, the directors of the Corporation be authorised to issue to John Maloney or his nominee, upon re-election, no later than one month after the date of this meeting:

250,000 options for no consideration to acquire fully paid ordinary shares in the Corporation exercisable at A $0.50 in the period May 25, 2007 to May 26, 2012; such options to be issued in accordance with the terms and conditions set out in the Information Circular


6.4. Ordinary Resolution - Issue of Options to Malcolm Smartt or his nominee To consider and, if thought fit, pass as an ordinary resolution: "That, for the purposes of Listing Rule 10. 11 of the Listing Rules of ASX Limited and/or all other purposes, the directors of the Corporation he authorised to issue to Malcolm Smartt or his nominee, upon re-election, no later than one month after the date of this meeting:

1,000,000 options for no consideration to acquire fully paid ordinary shares in the Corporation exercisable at A$0.50 in the period May 25, 2007 to May 26, 2002; such options to he issued in accordance with the terms and conditions set out in the lnformation Circular


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THIS IS WHAT WAS RESOLVED
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issue of Options to Directors
it was resolved:

(a) To issue to Peter FL Lloyd or his nominee no later than one month after the date of this meeting 2,500,000 options for no consideration to acquire fully paid ordinaiy shares in the Corporation exercisable at A $0.50 in the period May 25, 2007 to May 26, 2012;

(b) To issue to Cecil R. Bond or his nominee no later than one month after the date of this meeting 250,000 options for no consideration to acquire fully paid ordinary shares in the Corporation exercisable at A $0.50 in the period May 25, 2007 to May 26, 2012.


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What could this mean?
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