oh oh, page-3

Just a couple of clarifications which may assist.

According to the Prospectus of 10 Novemeber, the options exercised by the directors as per the Change of Directors Interest notices on 14 October of 6 million shares (combined - 3m each/escrowed) were yet to be paid for. This may have happened since, but the prospectus is quite clear on this point that the monies payable, $900k each were yet to be received.

The placement of $13.9m, being 13.9m shares at $1 took place only in part. That being 1,927,500 presumably issued to a nominee of Madam Cheung, as per the initial announcement of 28 September coming under the provisions of the 15% per year placement allowance. The further 12m shares were subject to approval at a shareholders meeting, since granted however without any subsequent Appendix 3B so it can be assumed these are yet to be issued.

It should also be noted that there was no change in substantial holding from Madam Cheung from the previous announcement on 3 August, with the increase of 1.9m odd shares between this statement and the intial directors interest notice on 29 November. ASIC may have paid attention to this point.