Ann: Prospectus - Entitlement Offer, page-4

I am happy with the placement to directirs at 3c on same terms as holders.

it is the additional 60m options above this with a 4 year expiry, with an exercise price of 3c that I have issue with. It is a lowball target, that rewards for keeping the status quo and not for ambition.

They are paid and do not work for free, so getting basic growth etc is part of the job. Options should reward achievement above this and that way align shareholder interests with that of the directors. 3c 4 years out is rubbish IMO.

This TSI deal (i know these are not the same directors, thankfully) could have been done late December when we had cash. It may have looked significantly different, as there were other moving parts. Anyway, we couldn't get the numbers to roll the board, as larger holders were looking to get their cash back.

cheers