I didn't take up the options (just wasn't in a position to, at...

I didn't take up the options (just wasn't in a position to, at the moment ), so from purely a self interest point of view I can't see any reason for voting yes. I'm open to other holders or management giving me a reason to change my mind.

from my post yesterday, where all the other resolutions were unanimously recommended by the board. resolution 3 wasn't. so we have a director/s who were unsure of the option package as well. seeing Glenda bought shares @ 26c and in last years raise and didn't participate in this one, I'm assuming it was her. she has a strong finance background !!! maybe not Glenda but at least one didn't recommend it. David didn't participate either.



then from my view point, before the raise if the sp went up $1 in my portfolio I would have made $1. after the +$6m raise I will only make around 85c. with all the option in play under 70c. thats a compelling reason for a no vote from holders that didn't participate. 15% more in my pocket.

I hear we will need the funding the options will provide.





holders will still get the bonus options if they convert in 12 months. how many will be converted before this cut off? some will but as history has shown, most leave it till the last couple of months.

with our cash, we  had $1.6m at the end of the quarter, raised about $6m, will get a tax rebate of around $4m in sept, will soon have our production facility up running (sell 5000lt at $400/l = $2m), have $1.4m from the qld govt to pay for anode production equip and development work on getting our 70% silicone anode to 800 cycles. so saving on the next couple of quarters costs. with the way this deal was done, I suspect a deadline for more 1 for 1 funding was maybe due.

so we are funded into the new year. what could happen in that time? ev1 design freeze. from above more funding. consumer electronics company 1 have had a MTA with us for about 50 days that would mean testing would be at 300-400 cycles, 1/2 way. serum institute of india deal completed. just at a minimum. where would that leave us to raise funds. a bit like where we were with the 26c raise when sp momentum was positive.

but I hear that a broker wouldn't touch us if we vote down the options? this one won't but a broker could easily structure a raise were shareholder approval wasn't needed if kept within the asx rules. in the prospectus it was clearly set out options "subject to shareholder approval" . I doubt there would be as much angst about the options if it wasn't a double dip and the exercise price was say double where it is.

and in reality if we don't sign any deals by the AGM, then something is definitely wrong and raising funds will be the least of shareholders concerns.

if I had the funds now and participated, I'd probably be singing a different tune but from my long term interests point of view it's a no at the moment. could be swayed in the next 15 days though.