expiry of options

As best as I can tell,

Mr NK Joyce has 17,000,000 1.5 cent options expiring on 30 Nov this year. They are likely to be in the money but only marginally
But far more interesting is the board as a group has 140,000,000 1.7 cent options expiring on 30 Nov 2014.

Every tenth of a cent above 1.7 cents will result in an additional $140,000.00 remuneration to the directors

The board’s remuneration is now strongly correlated to the performance of the company, as it should be. Remember these options were handed out after the Gingin discovery and were looking like money for jam however the way things have panned out the board are now going to have to work hard to make those options worth any significant amount of money.

Milton Friedman said, “The world runs on individuals pursuing their self interests.” I am confident the board will look after their self interests, and in doing so mine.

Very prosaically the 3B announcement to the ASX on 3 Dec 2010 states that the purpose of the issue of 140,000,000 options is to “To incentivise the Directors”

However if there are any attempts by the board to award more cheap options or performance rights to one another as I believe they attempted to do in Oct 2011 it must be voted down. Any options awarded must, be at a strike price well above the current share price.


Cheers,

simonmag