12 million agm options at a strike of 98 cents

Fellow AGM Holders

Just thought it was interesting to let you know that there are currently 12,000,000 unlisted options outstanding at an exercise price of 98.57 cents (refer to page 18 of Zinifex's Bidders Statement).

I can't remember exactly who they were issued to, but i bet ya they were issued to senior management and/or directors etc. Perhaps someone who has more time than me can find out and let us now.

If the $1 bid succeeds - these options are worth $171,600.

If a higher bid was extracted for say $1.25 - then these options would be worth $3 Million.

You get the picture - every extra cent the bid increases is worth $120,000 to those option holders.

I think it's safe to say that the executives/board of directors will move hell and high water to get a higher offer - if they can't get Zinifex to up their bid or if another bidder doesn't emerge, i'm pretty confident that the Directors will reject the offer and go it alone. In any case, i reckon these 12 million outstanding options will work to the advantage of all shareholders.

Congratulations to all shareholders, especially all those long-term shareholders like myself who helped this company emerge to be what it is today. We were the ones who coughed up during the capital raisings when this company had no money to speak of. Without us AGM would not exist. A cheerio to chinkiat - i remember he was one of the few people posting any sense about AGM back then. I posted a bit on AGM back then but stopped after all these idiots who know next to nothing about investing in mining stocks came on and started speaking diatribe and pontificating about how much they thought they new.

It's xmas time and im not going to be dissapointed if $1 is the best we can get (although i think we should get a bit more!). I was lucky enough to buy my first parcel @ 4.9 cents and second parcel @ 24 cents (plus a couple of capital raising along the way).

Spare a thought for those unlucky holders of Centro Properties who are down 76% today. A lot of these would be "mum and dad" investors who would have been advised that property trusts are one of the defensive plays with little volatility. Poor buggers....

Cheers,

Baphomet