graeme hart

I just read tonight that Graeme Hart has exercised 250,000,089 options.

According to the 2003 Annual Report Graeme had a beneficial interest in 986,128,775 options which are exercisable at 20 cents each and are due to expire in August 2003.

This means by exercising the options he has increased his voting power from 13.7% to 33.8% and given just over $50 million dollars.

It'll be interesting to see what, if anything comes of this.

Why would he exercise roughly a quarter of his options now? Is he finally making a move on the remainder of the company? Does the company have a cash need and they've asked Graeme if he could kindly exercise some of his options to help them out?

I guess I'll just have to wait and see what eventuates.

Surandy