4. resolution 4 – grant of incentive options , page-19

CMon Guys & Gals

The Directors have done a marvelous job till date.
Picking the right partners & the right projects.

Now they don't have to do anything wrong, just not do anything too right until 23 november.

Then they get the oppies at far lesser $$$'s.

At 45% premium of 18C, the Oppie SP is 26C at expiry.

At 45% premium of 36C, the oppies SP is 54C at Expiry.

So its a little game they may wish to play, fair enough.

Atleast they have only limited that activity and Share price cap for only 20 days.

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Look at the benefits to Share Holders:

1) In the directors interest to increase SP after 23 Nov,
Their oppies return more $$ on expiry.

2) They regard great news coming soon, hence the 20 days.

3) Atleast they are not buying in at 5c a share as sophisticated investors, and killing confidence in the directors, as other companies have done.

4) The expiry is in 2014, so there won't be a quick $$ sellout in the near future killing the SP.

5) 3.5 Mill oppies is a reasonable amount. Not going to dilute MC at expiry

6) Face it, they are not social workers, everbody dreams of big $$, So IMO if they give us an SP 50C by January 2010, they more than deserve the cheap options.

GMR will just fly one day, but needs all the above to cleaned up, so nothing stops it, once it flys.

And it looks like 23 November may be around the time, when the fuse is lit.

So again IMO, its time for smart buyers, instead of whining, pick up shares at 18C, which is by the way, 45% cheaper than the directors will be picking up the oppies in 2004.

Always look at the positives, when the negatives are eventually work out in your favour.