message to jg, page-2

Dfl, all MYGOA holders share your sentiment in wanting to hang onto their options rather than see them evaporate come 23/7/13.Having seen the procedure first hand with the GTEOA re-issue last year let me, if I may, provide some clarification.But a small digression first. Dfl, you ask does the board read HC posts? In light of the fact that around October last year,when the remuneration report backlash erupted,and the board was reported as engaging lawyers to scrutinise HC posts and posters, I think the answer to your question is a resounding "YES."

Back to the matter at hand.I am hearing talk of an "extension" to the life of the options. Wrong! It is not just an extension-too simple- but a "re-issue"....big difference.Using the GTEOA re-issue as a template(look back through past announcements from GTE starting in June 2012 for details)a re-issue of our options,expiring on 23/7/2013, would have to follow a similar procedure as follows:

1)around 16th July the board announces the re-issue.

2)23rd July the options lapse.

3)around 20th August a general meeting of shareholders to approve the new issue.(the re-issue is effectively a replacement by a new issue).

4)around 7th September..the "date of record" to determine eligibility.Eligibility can shift around a bit, but never fear, if you are holding your same options on that day your allotment will not be affected.

5)around 21st September offer closes.

6)around 25th September you will receive your allocation and start trading soon after if you wish.

The whole process takes about 9 weeks and involves the company in considerable expense..hence a nominal price,to cover costs if nothing else,needs to be charged for the new options.They have a maximum allowable new life of only one year.

Possible headwinds:

1)For technical reasons it can't be done.Just a hypothetical as I have no idea what the reasons could be.

2)Meeting of shareholders.The board has copped a lot of flak for their failure to raise finance so far, and felt the sharp end of shareholder disappointment.It has been accused of everything from sitting on its hands to being straight out incompetent,and often with the very unfair benefit of hindsight.I doubt if any of it is true despite deadlines being missed.They have a lot of personal skin in the game and would want finance approved as much as anybody else. In this poisonous atmosphere the board members may just be reluctant to face their shareholders and listen to this carping which,despite the matter in hand,would surely come up all over again.Throwing barbs and at the same time shooting oneself in the foot have an uncanny knack of being a "pigeon pair." Anyway just a thought...could be way off the mark.

Seeing that many of us here are facing large losses with the looming expiry,the board should, if it is not already doing so, give serious consideration to a re-issue.If it cannot, or should not be done,then us shareholders are entitled to a satisfactory explanation.. if nothing else as only a matter of courtesy.I trust that the board understands the weight of this obligation.