Ann: Application for quotation of securities - AEV, page-25

Dont forget the options that were exercised and announced yesterday expired at the end of November. However there was one very small exercise of 2.2cent options that were not due to expire any time soon and why they were exercised I have no idea as the funds would have been better served taking up more of the 2.0 cent options that have now lapsed.

Also in regards Directors trading one would have to check the company's Governance Statement and any published policies on securities trading in regards KMP and also regarding any blackout rules they may have in place as their is no regulation around what a Director can or cannot do with trading securities around due announcements, sensitive or otherwise.

So I suspect it is not a sign on that basis, not here and not this time. Purely on the basis the Chair forked out about $367K for converting options alone is enough to raise anyone eyebrows except the regulators as it was an orderly conversion of long held options not a predatory swoop on the back of inside information.