to replace options with 2005 options

Hi For the brave these could be worth a punt Have a good read of the red stuff I purchased some this morning Towie


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Quadtel Ltd (ASX: QTL) has previously advised that the existing
quoted options on issue and exercisable at 10 cents each will expire
on 31 January 2003. In order to give the holders of the existing
options the opportunity to continue to participate in the expected
growth of the company and its businesses, the company proposes to
issue a total of 277,690,000 options to all holders of the existing
options at the expiry date of 31 January 2003.

The issue will be on the basis of one (1) new option for each
existing option held as at the expiry date and will be subject to the
prior approval of the shareholders of the company.

The new options will be issued at a price of ten (10) cents for each
one hundred (100) options and where necessary will be rounded up to
the next hundred so that the holdings of the new options are in
multiples of one hundred.

The new options will expire on 31 January 2005 and be exercisable at
two point two five (2.25) cents each by not later than 15 January
2004 and at three (3) cents each between that date and the date of
their expiry.

In all other respects the new options will be subject to the terms
and conditions contained in the annexure to this announcement.

The issue of the new options is underwritten by London Partners
Australia Pty Ltd, which is a licensed dealer in securities.

It is intended to apply for listing of the new options with
Australian Stock Exchange Limited as a separate category of
securities. The expected number of new options following the
completion of the issue and based on the number of existing options
on issue will be 277,690,000 options.

The funds raised through the issue of the new options, being at least
$277,690 will be treated as additional working capital of the
company.

The company will shortly send out the appropriate documents relating
to the issue of the new options and the convening of the meeting to
obtain the approval of shareholders to the issue.

For Further Information contact:

Billy Cina David Ramsay
PR & COMMUNICATIONS MANAGER CHAIRMAN OF THE BOARD
Tel: +61 2 8852 4651 Mobile: +61 409 977 799
E-mail: [email protected] E-mail: [email protected]

or visit: www.quadtel.com

A full copy of the announcement which includes the Terms and
Condition of Options, is available in PDF format on www.asx.com.au.
Alternatively it is available for purchase from ASX Customer Service
on 1 300 300 279.