Ann: Appendix 2A, page-8

A few thoughts on the oppie conversion;

We had approx 25m VRXO's out there. Despite the dog's breakfast that the VRX team has made of the share price in the last six months, an impressive 22.14m of these were converted:

12.2m converted 3/8
6.85m converted 26/7
1.39m converted 19/7
0.784m converted 13/7
0.175m converted 30/6
0.737m converted 25/6

Generating $3.985m out of a possible $4.5m in income.

If the heads had been at 40c and the oppies at 22c around 15th July we might have even got the last $500k across the line...

Now here's where it gets interesting.

According to last year's Annual Report, our main men held the following oppies:

Paul Boyatzis: 6,000,000
Bruce Maluish: 10,000,000
Peter Pawlowitsch: 6,000,000

With the sale of heads to Delphi, they generated the following:

Paul Boyatzis: $600k
Bruce Maluish: $1,800k
Peter Pawlowitsch: $1,500k

and if they were converting VRXO's, they would have needed:

Paul Boyatzis: $1,080k
Bruce Maluish: $1,800k
Peter Pawlowitsch: $1,080k

(so only Paul would have had to find further funds...)

Let's wait and see what the next report on their holdings says about if/how much they have backed the company with their own funds...

DYOR - GLTAH