Ann: Annual Report to shareholders, page-10

Agree Boontime - somehow us shareholders approved just a 30% premium (lower than previous issues) with vesting potentially years down the track and on top of that management ensured the lowest possible exercise price (10c) at the end of June 2015 by voluntarily referencing a price that was being depressed by the exercise of already existing management options when they did not have to to that, and when at the presentations in May before the exercise price issue was resolved, prices well into the teens were being discussed. Since then, the fall in oil price hasn't made it look quite so bad, and sorry to bring that up all over again, but hey, elephants never forget.

pj