cancel sell orders + take up options, page-8

SBP's proposal to grant a 1 for 2 option entitlement at 0.5c to shareholders and holders of options that expired on June 30 2003 has been passed unanimously at a shareholder EGM held on July 16 2003. The new options will be exercisable at 12 cents within 12 months of issue, 20 cents within 24 months of issue and 30 cents within 36 months of issue. Directors have underwritten 11 million of the potential total of 157.7 million options to be issued. Should all options be taken up the issue will raise a further $0.8m of funds.