Ann: Completion of the Acquisition of SATEVA, page-23

Hi Cei, I agree with some of your logic, but from memory these options were awarded to people who took part in the original listing on ASX 4 years ago. I suspect that few if any of these option holders are management. They were people who were persuaded to take a punt way back when, and then in return for putting up some capital they were given the options. So now these options are in the money and if they don't really have any particular interest in K2F then they will spend money to exercise the options and sell to make a nice profit. Or they will sell 70% of their new holding to cover that initial outlay, and sit wit he remaining 30% worth of "free" shares they have.