Ann: Appendix 3Y - Cook, page-36

And here is what I posted last night in reply to your assertion.

ncnda,

Yes, the loan to buy the shares are interest free, but the money to buy the shares is still owed to the company - and at 69 cents per share, its more than twice the market value

We should note, most directors in public companies will buy shares under employee share plan at or below market price, not at twice above market price.

Could have easily exercised the 1,000,000 options at 15 cents per share, but chose to take on the one at 69 cents.

This is a signal to the market that the current market value is way undervalued.

Any way, lets see what tomorrow brings