ex director 2.1m options highly questionable

i have just read with interest the notice of general meeting for PGM, announced on ASX 14 march 07.

i am interested in the 2nd item to be put to vote, "amendment of terms of mr greg wheeler's incentive options"

now as the document states, mr wheeler was issued 2,100,000 incentive options (exercisable at 20c) as approved by shareholders at a general meeting on 25 july 06. i assume these were issued in lieu of cash payments for expertise and value he brought to PGM.

on 20 dec 06 (just 5 months later) mr wheeler tendered his resignation and ceased his position at PGM on 31 jan 07.

why should he be allowed to keep these options? and further, why should shareholders allow an extension to the expiry date? considering today these options are already worth (62c - 20c) x 2,100,000 = $882,000.

in addition, if the expiry date was to be extended, further financial gain will most likely be delivered to mr wheeler, as PGM share price is likely to rise further (with no help from him) adding further gain to his already excessive $882,000 profit.

am i missing something?

as a potential investor in PGM this does concern me. maybe i am missing something, so if olympian or someone who has followed this share can shed positive or an explainable light on this, i would certainly be pleased to listen.

on face value i cannot see how mr wheeler has added $882,000 worth of value to this company since the options were issued to him. surely after a such a short stint no director can claim they are entitled to such a windfall......