Ann: Change of Director's Interest Notice, page-60

Re: "I never understand how shareholders are so willing to give options so freely"

I tend to agree Rae - especially when the current option incentive was approved at a time when management were waxing so lyrical about our prospects (there's that word again), we then allowed them a premium incentive of just 30% on "current" market price (a reduction on historical premiums) and a mechanism by which the exercise price relative to market was left for them to determine and which they subsequently took advantage of by electing to use a five day period over a time when the market was already depressed in part by actions of their own making (exercise of previous options for those that remember).

Sorry, don't object at all to them selling shares and obtaining "free carry" on the old options, the effect of which would always be temporary and when the intention of their provision was to provide an additional income incentive based on the difference between the exercise price and market which is what they took, but I continue to be a bit miffed about the way they used this period of "falsely" lowered market price to set the exercise price of their new option issue.

pj