Ann: Appendix 3B, page-3

Yes, this appears like more significant dilution, hence the announcement post the end of the day. Imagine the remaining 16m options exercised at 2 cents and sold around 3 cents or above. This is not good for existing holders and the sooner the main placement is done, the better for all of us as 17m shares could turnover very fast pre-placement, assuming the exercisers of these options opt to sell immediately on market.

Options create dilution and unfortunately there is not much we can do. I would be surprised if these options lapse and it is highly likely that holders could make a quick profit out of Azure. Azure should never offer options to placement participants and only to management for brilliant performance.