so much promise, page-5

Hi stockanalyst1,

I note the following from the EGM announcement - it seems to be implying (with specifically guaranteeing)that executive directors will be taking options with a 20c exercise price in lieu of directors fees??

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Grant of Options to Directors – It is proposed to issue 5,000,000 options to directors at an exercise price of
20 cents which is significantly higher than the current market value (5.6 cents as at 7 July 2003). It has been
the Board policy to remunerate Non-Executive directors by way of grant of options and it is considered
appropriate that an incentive be also offered to the Executive Directors on the same terms and conditions.

The Board believes that the issue of options at a high strike price is of greater benefit to the shareholders than the payment of director’s fees which would reduce the available cash reserves.

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pj

ps
Thanks for your well reasoned posts which appear from time to time!