Ann: $4.15M Placement to Fast-Track International Expansion, page-46

Further to your complaint about those 2 cents options. Going back to the announcements, I know that on the 1st March, someone exercised their 2.5 cents options. What was the share price at the time? I think it was around 3.5 cents. Now tell me, who in their right mind would exercise that at 2.5 cents when underlying shares only 3.5 cents and the options don't expire until October. What kind of shareholder is that. And then, more were exercised when share price were in doldrum. You can check them out by going back and read those options exercised announcement.

Now think carefully what would have happened if these shareholders had not exercised their options then. Maybe PCK might have to raise capital earlier and had to raise at much lower price than now. And maybe that is why PD is rewarding these faithful shareholders. I don't know the full story but just speculating. But if it is these shareholders who are being rewarded now, I say quite rightly too.

OK, enough of this. You have all the right to be unhappy. Me, I am very happy with the way things stand. We will just have to move on. And good luck either way.