alert to option holders, page-19

I attended the AGM and I must say that I was disappointed that only a handful of shareholders decided to attend considering all that has happened.

There was only one other person from this forum that attended and he came all the way from Brisbane

I raised the questions that been discussed on this forum and I believe there was an open and genuine discussion of about what happened in relation to the EPL's and the options.

I was satisfied with what I believe were honest and genuine answers to my questions. I am now confident that the board has acted with integrity and competently.

Sol the chairman explained that they cannot reissue the options unless it is to the benefit of all shareholders and not just a particular group. They would open themselves up for legal action for diluting the shareholding of those people that did not own options.
However he did say that they were open to suggestions and that should any anyone want to submit any plausible proposals of action they would have another look at the options.

The advice the company recieved and it was not only from one legal source but several is the noises that Amakutwa was making prior to the legal action did not constitute a significant reason to make an announcment to the ASX. Also the company was advised that this guy had no hope in hell of success. There are many discussions that take place in a company's course of business that are not reportable unless something comes of it.

The Directors and their advisors were astounded that Amakutwa won the court case. Not just the legal team in Namibia, but they also got advice from South Africa and in Australia.

It did come out though the judge was from Zimbabwe and he is retiring in December. Also this Amakutwa has a brother in law who holds a very senior position in the Government of Namibia. I am not saying that this was the reason the company lost the court case but it does give you cause to think.