Ann: Change of Director's Interest Notice, page-24

Two comments to make gents.

1. Can't see the value in the Options @ .2 cents when they are so far out of the money and have only a modest time period to exercise date. Wouldn't the fully paid shares be better value at .6 cents? The exercise price at 2 cents is a long way off atm. The track record for companies issuing options and never seeing them exercised was pretty strong when I last saw the statistics, over 50%. "Money for jam" one Director once told me, "we get money in the till for no dilution at all if we put the strike price just out of reach". Don't get me wrong, I suspect there will be strong share prices gains within two years and they will be exercised.

2. Anyone notice that down the page on the announcement made today it's revealed that there are 209 million shares from the rights issue still to be placed? That's $1.25 million the company didn't get. The brokers have three months from memory to place them. One option for every two shares.