absolute disgrace!!, page-22

newjo- not sure if you are joking or not but all 4 directors had there options cancelled at the expiry date so they didnt sell out.

done a few figures on todays announcement, may come out a bit long winded, see if i end up having a point.

there is currently 158,143,504 ordinary shares
there is/were 70,314,552 listed options
wont worry about the unlisted options, they are now history

Peter Thompson has 9,562,582 ordinary shares in total of which 5,729,167 of those shares are in his superfund, ouch, and 2,968,775 listed options.

Peter May has 2,097,250 ordinary shares and 766175 listed options.

Cameron Switzer has 6,393,375 ordinary shares of which 1,837,125 are in personal superfunds, ouch again, and 2,378,125 listed options.

Neil Morris has the most ordinary shares, 9,250,000 of which 2,500,000 are in personal superfunds, ouch for the 3rd time and a total of 3,093,635 listed options.

ok, now for a few stats, directors own 27,303,207 ordinary shares or 17.26% of total shares. ignoring the other 16 top 20 holders this is a fair percentage, we can almost gaurantee the would be yes votes for the option deal.

to block the options deal 79,071,753 no votes would need to be received, can anyone realistically see this happening??

couple of other points, 10,659,927 of the directors shares or 39.04% of their total holding are in personal super funds. since the share price peaked at 31c the shares owned by directors have decreased by $6,825,801.70 in total value and their combined loss in super funds comes in at $2,664,981.70

these are fairly large figures, my take on this, they havnt sold any so by retaining all shares they have a very large invested interest in the companies well being, realistically the directors should be doing there all to succeed, suppose they cant help the latest drill results, imagine they would be as disappointed as us.

now the options, directors owned a total of 8,665,710 listed options or 12.32%.
they would need to fork over $86,657.10 between them to keep those options alive. as i cant see the option entitlement failing, hand it over lads.

few other details, the current mar cap is now under $8 million or to be exact $7,907,175.20

our lowest price in the last 3 years since listing was 1.2c at the height of the GFC, not too much better than that now.

we have approx $1.3 million cash on hand right now with an additional $700k from options ( perhaps), we have a binding agreement with PPC with $1.17 million to spend this year and $2.5 million next year, we have confirmed Milo is part of an IOCG style deposit( all grades of metals fell in the lower bracket), we recorded peak values of 22% P2O5 at Bungaleen phosphate site( very nice ), Malmsbury confirmed as an IRGS style gold system over the depth of the hole including many other metals besides gold and the VIC govt will subsidise more drilling, and finally we have T2, the big purple blob on the SAM survey to drill.

so from all of this

1) directors own a large % of shares, many in superfunds, the options entitlement will get passed and as long as they dont sell i have faith they will work for the benefit of themselves and shareholders.

2) current mar cap is ridiculously low.

3) many projects in various stages of understanding but there is significant upside to these sites.

4) i hold for the long term, if the market crashes i will purchase more, hopefully at the bottom.

good luck holders, patience will be required.