... and the wall crumbles !, page-33

"The first tranche vests at an SP of 15c. It is 25% discount (15c – 9c -2.2c / 15c) to the market price. Some capital raisings are at 25% discount to the market price. Also, consider that CP wanted 20% of CTP at 7c when the SP was 11c. This is 36% discount to the market!!! I view this as a small capital-raising to RC."

Fair enough, comparing RC's outcome to Palmer's

I will say though (and I have not gone to the trouble of marshaling the options sitting their under the employee and boards entitlements - so they are not included) after including options and Cottee's 320 million, he ( Cottee would if things come to fruition, have gained a fraction under 16% of the companycompelled o Palmer holding 20%. A 16% dilution is not a small capital raising (thus dilution) in anyone's language.

Palmer may be going for around 4% more but it must be remembered that he is putting the money in up front. Cottee gets a look; no success no outlay. As well, Cottee's start up package and salary will go a long way to covering the cost of exercising the options.

I hope that he, Cottee, is a sound investment.