Ann: Appendix 3B-POH.AX, page-22

I think we are all missing a most salient point here. The detailed jumbo-mumbo of tranches and vesting prices is a smokescreen. They can be waived at the discretion of the board. 33 mill shares (@ 2.3c) can be converted whenever it suits them. [Optimistically, I tend to agree with hottod's hubby. I don't think it is a coincidence that the SP has been pushed down quite suddenly (my reading of the buy/sell queue movements over the past week) at the same time as this underwhelming plot (er... plan) to circumvent director buying blackout periods has been prematurely been given numbers. I still scent a t/o in the wind and the lads will be able to cash in (to the delight of many 'I got in cheap' shareholders) quite nicely irrespective of tranches and SP hurdles.

The above is my hunch and I will be investing accordingly.