Ann: Appendix 3B , page-11

Nev

I completely disagree with you on this issue. I find it outrageous that management are issuing employee options out like candy. What exactly are they being rewarded for? Having the market capitalisation halved?

Don't confuse how hard the staff have worked with an entitlement to a "bonus". I have no reason to think that the employees and management have not worked hard however the reality is they have not objectively added value over the past 12 months (actually 4 years). If the employees and management add exceptional value I have no problem with a bonus scheme. This has simply not happened though and if it were to be rolled out now the strike price should have been about $7 - $8.

Nev you have to be objective with your assessment of management and in this instance I think you are being unrealistically generous.

Come on McCrae, along with this option issue being non-commercial it is insensitive to the fact that the shareholders have seen 50% of their value shed.

I am the Iceman!