absolute disgrace!!, page-15

Hi Beany

I stand by what i have said.

There are no option holders left and hence you cannot make an offer to non existing holders. Of course, there will be a fall back in that they will claim "we got shareholders approval", but legally that does not stand up. You cannot agree to something which is not legal.

In varying the original terms, this offer also is a "new offer" and not an extension of the old options. As a new offer, it can only be made to existing shareholders.

As to who votes, the only people who should be allowed to vote, are shareholders who are not option holders.

Via my posting on extension of options, I gave this company a life line for option holders. (I know my posting got back to them), but just like the Directors at the site which I referred them to, they have abused this for self interest.

Beany, unfortunately I will be away for 6
weeks from this Sunday, so I will not have a chance to study the documents. But if non option holders feel strongly about this, lodge official complaints with ASIC. You will not get any where because ASIC is a lap dog not a watch dog. But you may slow them down and frustrate them.

By the way, I hope you now know why this guy was so desperate to give 90% of our tenements away for nothing!

Regards


Pear