incentive options, page-15

Hi Sandy,

By and large I don't like it...reeks of nose in the trough!

I do think it's a bit rich looking for INCENTIVE options now that the G deal is done and dusted so to speak, with basically only the drilling to be done now.

Not hard to imagine them sitting back with folded arms waiting to see if Gindara makes them rich...unlike regular s/holders, it will be no skin off their nose in the event of failure!

My take is, if they feel confident about the outcome, let them buy on mkt now (much cheaper than the VWAP price for 9 - 13th May is likely to be), that way they stand to make more profit...or feel our pain!

These guys don't lose out in any way...if they are granted the options and G comes in, they're likely to be eligible for a Co., loan to convert the options...then they sell the shares to repay the loan...and pocket the difference!

I notice the proxy form for voting comes without a pre addressed or paid reply envelope...perhaps their psychology councillors tell them that most holders are too lazy to respond under those conditions, and hence hand their proxy vote to the chairman!

BTW, I voted no to Paul M's 4M options...didn't do much good!