Ann: Variation of Takeover Bid, page-63

extract from article in afr today...

"Another plot twist reveals the exercise of 16 million share options on December 11 at 50¢ each for $8 million to Cardinal directors and insiders.

Chairman Kevin Tomlinson trousered 5 million options at 50¢ to leave him sitting on a $2.75 million paper profit based on the $1.05 takeover bid, with chief executive Arthur Koimtsidis earning 4.5 million options to print a $2.48 million paper profit.

Tomlinson effectively increased his shareholding a whopping sixfold from 918,000 shares to 5,918,000 shares on exercising the options, while Koimtsidis more than tripled his holding from 1,935,606 to 6,435,606 shares. The other 6.5 million options have gone to undisclosed, but lucky, employees.

The kicker is the Chinese suitor consented to the options exercise as part of its bid, which may help explain why its bid is favoured by the board".