Ann: Appendix 2A, page-7

I didn't know all announcements have a base fee so high, it could well be the case.

I made the point that "especially if lots get converted it will give the company cash". Lots.
It is often so in business that if you do pissy little transactions the sundry costs eat up any profit.

Think of trading as an example, we can't trade tiny amounts and make a profit the brokerage outweighs any profit.

I think companies often try to bundle option conversion into group announcements, I had always thought this was to save work but it may also be to save costs.

Most option conversion in companies are profitable though as they tend to come all around the same time, if options were not a money spinner they would not be issued in the way they are as they are meant to advantage both the investor and the company and incentives the company to aim for a high share price.

The point about the advantage of increased liquidity still stands. This stock is so tightly held and there is so little free float I think its a good think if there is a little more stock around.

The options here clearly show investors caution in buying stock with limited liquidity. There was a point yesterday where the heads were trading at 15c and the options at 10/10.5c or a two cent discount! This was insane, I nearly bought the bundle on offer but couldn't be assed as it would have meant selling something else and currently I am more than happy with all my stocks.

We have little to fear if and when there is a capital raise here. Not only will it give the company funds to explore, the small amount of dillution involved (considering our growing share price) will add a bit of liquidity which I think we could use. Nobody wants to part with their shares currently so there are few to trade.