Ann: Change of Director's Interest Notice - Conversion of Options, page-77

What it looks like is that the funding came ann came in at the 11th hour on the 31st. This is the same day that the options were due to expire. Management will have at this time filled out the forms to exercise the options. The shares from the exercise are issued on the 9th after paperwork is completed with ASX. The 9th is the day that the shares are issued hence the change in notice date. In my view they have acted once news is out to market and as such will have breached no boundaries in doing so.


BTW those saying that management sold into news may like to look at the register in a little more detail.... the options exercised and turned into heads may be freely tradable once issued however the rest of managements stock is subject to a holding lock, eg they could not sell even if they wanted to.

On the face of it this sends a very clear message, management believed that the options were worth converting at 20c a each, they collectively pumped >$2m into the company in doing so. This significantly improves my outlook on the veracity of the funding.