announcement, page-22

RB - If we make some assumptions ie the options cancelled yesterday were replaced by the options today and if when the original options were issued it was worked on the sale price of 4$ ( $3US as JC has always suggested) .
You can work back to find a takeover price.
1500000 x ($4 less 0.50 option) 5 250 000
500 000 x ($4 less 1.50 option) 1 000 000

Total profit on options 6 250 000

Replacement options profit required
$6 250 000/ 5 000 000 options = $1.25 / option

Profit needed per option + Strike price
1.25 + .45

Sale price to be approx AUD $1.70

I realize it is very easy to pull holes in the above figures but is interesting to play with the figures while we watch the paint dry waiting.