Ann: Strong anti-inflammatory action from IHL-675A, page-156

I think you’ll find that this has been covered off extensively in the past.

The options disclosed by the directors that you’re mentioning were held across multiple companies and trusts that they were not the beneficial owner of them but were still required to report them due to cross directorships or being the beneficiary of a trust.

Under ASX disclosure rules if a trust holds 100,000 shares and a director of a public company is the beneficial owners of only 10,000 of those shares then the directors disclosure will still require the full amount of 100,000 shares held by the trust to be disclosed.

I think somebody on here said they had spoken to the company and that the options in those entities were transferred to the beneficiaries so they could exercise.

From the total shortfall it is clear that they were all exercised.

What is clear is that every director on the BOD has a significant equity exposure to this company, more than you see with most small caps and in fact is one of the main reasons why I hold the equity position that I do.

Ted