Ann: Award of Incentive Options, page-79

You could argue that with the share price now at .003c, for Iain to convert his shares at .0089 he has a bit of work in front of him. As a shareholder I would prefer that he stumps up for his allocation as it would mean that we were either close to .0089c or exceeding it. The problem I have is the volume being offerred,
90million over 3 years. If he converted them all he would become the 5th largest shareholder in NWE, behind 4 other institutions. That was why I was dissapointed that the entitlement wasn't stepped and increasing over the term of 3 years, so that shareholders would benefit from an upward moving share price.