Ann: Notice of General Meeting, page-37

On the 16th of May 3b statement was the following............

Number of +securities issued or to be issued (if known) or maximum number which may be issued 1. 37,500,000 2. 800,000 3. 7,000,000 4. 31,500,000 3 Principal terms of the +securities (e.g. if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion) 1. Unlisted fully vested options with an expiry date of 16 May 2018 with a strike price of $0.40. 2. Unlisted unvested options with an expiry date of 16 May 2018 with a strike price of $0.40. 3. Unlisted fully vested options with an expiry date of 16 May 2018 with a strike price of $0.65 4. Unlisted unvested options with an expiry date of 16 May 2019 with a strike price of $0.40."

under 6b same notice was this......
"b The date the security holder resolution under rule 7.1A was passed 30 November 2015"

so going back to the motions of 30th November were the following in regard to options........

There was no motion to pass the options mentioned on the 30th November 2015. Many have appeared out of nowhere, without explanation to shareholders, who are now are appearing to be asked to ratify them.

On the 16th of March, in the notice of meeting was resolution 5, that had 38M options at 40 cents......

"Specific information required by Listing Rule 10.13 and section 219 of the Corporations Act Information must be provided to Shareholders for the purposes of obtaining Shareholder approval as follows: (a) The Incentive Options will be granted to Messrs Biddle, Leibowitz, Adamson, Young and Brinsden (or their respective nominees, as applicable). (b) The number of Incentive Options to be granted Messrs Biddle, Leibowitz, Adamson, Young and Brinsden (or their respective nominees, as applicable) is as follows: 10 Recipient (or nominee) Incentive Options Mr Biddle 8,000,000 Mr Leibowitz 8,000,000 Mr Adamson 2,000,000 Mr Young 5,000,000 Mr Brinsden 15,000,000 (c) The Company will issue the Incentive Options no later than one month after the date of the Meeting or such longer period of time as ASX allows"

So on April 18th 38M options were approved, but going back to the 30th November meeting, the only resolutions were the following relating to options....
Resolution 6 – Ratification of Prior Placements

(c) 11,500,000 Director and Employee Options

There is nothing in the remuneration report relating to 40c options, nor 65c options.
5,000,000 options went to Mr J Young at 10c, so it is not those.

It appears 69,800,000 40c options have appeared on the books on 16th of May, yet only 38M were approved by shareholders at the April special meeting.
Where did the 7,000,000 options with a strike price of 65c come from, and who to?? they were not on the announcement of 9thof May but suddenly appeared on the 16th of May and are also referred back to the 30 November of 2015, where no such resolution was voted upon, it it claims was.

The carpet is not matching the curtains with these options. Some appear to have appeared out of thin air.

So where to go?? 2016 annual report remuneration report.....
On 18/4/16....... 39,000,000 40c options were granted
and 2,000,000 65c options were granted.
Then on the 6/5/16..... 30,800,000 40c options were granted.
Then on the 11/5/16..... 5,000,000 65c options were granted.
Then on the 22/6/16..... 6,000,000 63c options were granted

So the motions on 18th of April moved and passed a lower amount than were granted, then the others were issued without disclosure to shareholders until they appeared on the announcement of the 16/5/16.

On the 9/5/16 a 3b announcement came out that DID NOT HAVE the options granted on the 6th of May!!!

Then the Annual report states the following on p37............."During the year, 75,000,000 unlisted options over ordinary shares in the Company were granted to directors and executives, including 69,000,000 unlisted options over ordinary shares being issued to Directors following receipt of shareholder approval. "

That is wrong. Only 38M were granted with shareholder approval on the 18/4/16. The 30M+ that turned up on the books on the 16th of May did not have shareholder approval, that I can find. Plus there appears to be a discrepancy of 3M on the 18/4/16. Also the 7M 65c ones seem are out of thin air.

I can see no reason to ratify past mistakes and snouts in the trough by voting for Resolution 3.
I stand to be corrected, so if I'm incorrect somewhere, can someone please show me where!!!