options exercise, page-13

Quite right - looks indisputable that the sales of shares on 23 May must have financed the exercise of options. Hardly a co-incidence when you have volume of 3 million going through from a stock that has average volume of 100,000 or so. 3m @85c = $2.8M. It is hard to argue against - the figures match up.

Schaus
3,000,000@25c=$750,000
2,000,000@30c=$600,000
Total $1,350,000

Silc
500,000@25c=$125,000
500,000@30c=$150,000
500,000@35c=$175,000
2,250,000@25c=$562,500
1,500,000@30c=$450,000
Total $1,462,500

Grand total $2,812,500

Another 10,250,000 shares on issue (at a touch over 27c per additional share) - when you consider the company only has some 60m shares on issue that is a 17% increase in shares on issue whilst the value of the company was only increased by the $2,812,500 or approximately 5.8% of the pre-conversion share capital. That cannot do other than dilute value for existing shareholders. Expect another 1.5m oppes to be exercised by Charles before 22 October this year and then another round in may next year. Hopefully we have some good sp appreciation before this happens to off-set the dilutionary effect of the options exercise. The whole share options debate is one that irks me a bit - hoping for some more good news soon.