Investor Relations, page-24

Troutfisho if you are going to make comments then you should get your facts correct before making outlandish claims. There is no doubt that AS and RW got lots of free shares as you have stated. But any such shares to Shortall were subject to approval by shareholders as he was a director. Bosnjak got options not free shares except as a director after the move to the USA in 2010 consistent with what was allocated to all non executive directors and again was subject to shareholder approval. Carter joined Unilife in mid 2005 as the CFO and was allocated 25c options a year or so thereafter when the price was below 20c. As he was a director in 2006 these were also subject to shareholder approval. Carter ceased to be CFO at the end of 2008, after Shortall moved to the USA, but remained as a director. After the listing on Nasdaq Carter was allotted free shares as a non executive director which was again subject to shareholder approval.

Apparently Shortall and Bosnjak had non recourse loans which meant that they lost their shares at a certain value and they were used to repay the non recourse loans that they had taken out. In effect their shares were sold. Probably at much higher prices than we have today. However, Carter has not sold any free shares he received as a non executive director and still holds all of them. In fact, he is under water on these free shares as tax of 30c or so would have been paid on the allotments.

It is acknowledged that Writer corrected an erroneous post about Carter being the CFO in 2003 so it might be good for you to also correct your post as well.