Ann: Notice of Extraordinary General Meeting on 1, page-3

re: Ann: Notice of Extraordinary General Meet... The re-issue of the Dec'12 options is vital for me and I make the following comment.

My understanding of the announcement is that expired Dec'12 options, if approved by holders' votes, will be on the basis of 1 for every 2 held and then divided by 10, post consolidation, i.e., if held 1 million then will be issued 500,000 and after consolidation that will be converted to 50,000 new options. They will expire after 15 months should they not be converted to fully paid shares at price of 0.15cpo.

So in real terms price of shares will need to go up to 0.15 cents before some value returns to options and to 0.30cps before return to parity prior to 1 for 2 conversion. The original options cost me on average just over 1 cent so for me to make anything back the share price of the options must reach over 30 cents and for any recovery of money thereafter another 20+ cents (i.e., 50cps) will be required before my return of initial investment is assured. Share price when company delisted was 0.006cps (and 6cps after consolidation) so share price will need to rise very significantly if I am to at least get back to my entry point.

Howevr, the Directors who have continued sharing company enormous salaries over the last 3 years (when company was basically broke) and certainly should the price of shares/options reach anywhere near 30cents their investment of fully paid shares at 0.006 (.06cps post 1 for 10 conversion) will reap them literally millions of dollars ($450k x 5 (...30c) = $2,500,000).

I start to make money (zero to this point) with my re-issued options whilst they rake in over $2,000,000 at the same time

I will be voting and I can tell you there will be few of these resolutions which will get my "No". The Directors have certainly looked after themselves. I say vote no to the salary packages for years 2011-2013 where they did not reduce their salaries one cent whilst share holders were likely to lose everything, and let them buy any shares they want on the open market. The purchase of these shares purchased at 0.006 cents strikes me of total insider trading and an abuse of their positions.

.......At least we now have our meeting date and the voting by shareholders will be vital if we are to progress further. We are between a rock and a hard place and I am not happy that Directors have taken total advantage.

Will be interested to read other shareholders' take on announcement and their strategy in voting. Regards.