Ann: Appendix 3B, page-2

Doesn't appear to be a stampede to exercise options to get the free option on every 10 heads held. This is because it is cheaper to buy your heads on the market now at current price, than exercise options as many would have bought their options at 2.0 c - 3.5 c.

So if pre-Xmas strategy was to give people an incentive to convert options to heads, so as to get the free otion for every 10 heads held, therefore allowing RYG to raise the $7 million in cash, the strategy is not working unless SP goes to 4.0c and beyond. All IMO.