Ann: Board Restructure & Company Secretary Appointment-CAY.AX, page-3

Yes of course ex-chairman R Grivas has now become a potential offloader. All of his options are also in the money, so he can convert and sell them at any time without notice. There will be no "substantial shareholder selling" announcement as he has not got more than 5% of the shares.

However the real offloading will come from the option holders soon.

The 60 million listed options exercisable @6c on 31/01/2017 and 9 million unlisted options exercisable @6.8c on 22/02/2017 will be exercised before the exercise date (they have already started to exercise) and will be sold on the market as they are on the money. So, there will be huge (more than 30%) dilution soon. And the company will receive around $4m from the exercise of those options. So, no new CR will be needed for some time.

Shareholdings of Mr. Rhoderick Grivas – Resigned 0n 20-07-2016 (ex-Non-Executive Chairman
2,325,384 ........ Ordinary shares in total (through Goodheart Pty Ltd excluding 10k shares)
5,460,000 ....... Options in total (through Goodheart Pty Ltd)

Details;
300,000 ............Options (listed) exercisable @$0.06 exp. 31/01/2017
2,000,000 .........Options (unlisted) exercisable @$0.068 exp. 22/02/2017
160,000 ............ Options (unlisted) exercisable @$0.06 exp. 29/09/2017
2,000,000 ........ Options (unlisted) exercisable @$0.07 exp. 30/09/2018
1,000,000 ......... Options (unlisted) exercisable @$0.10 exp. 30/09/2018

The new chairman David Netherway also holds similar amount of shares and options.

Shareholdings of David Netherway Non-Executive Chairman (ex-Non-Executive Director)
2,669,047 ......... Ordinary shares in total
4,953,968 ......... Options in total

Details;
Zero Nominees Pty Ltd
2,669,047 ......... Ordinary shares.
1,111,111 ............ Options (listed) exercisable @$0.06 exp. 31/01/2017
342,857 ............ Options (unlisted) exercisable @$0.06 exp. 29/09/2017

David Netherway
1,500,000 ......... Options (unlisted) exercisable @$0.068 exp. 22/02/2017
2,000,000 ........ Options (unlisted) exercisable @$0.07 exp. 30/09/2018

Shareholdings of Phillip Gallagher Managing Director
1,822,223 ........ Ordinary shares in total
8,080,000 ...... Options in total in total

Details
Fremantle Enterprises Pty Ltd
1,422,223 ......... Ordinary shares.
3,000,000 ......... Options (unlisted) exercisable @$0.068 exp. 22/02/2017
80,000 .............. Options (unlisted) exercisable @$0.06 exp. 29/09/2017
3,000,000 ........ Options (unlisted) exercisable @$0.07 exp. 30/09/2018
2,000,000 ........ Options (unlisted) exercisable @$0.07 exp. 30/09/2018

Phillip & Nicole Gallagher
400,000 ordinary shares

Why am I here?
I am  watching it because I may be a buyer at much lower prices. The current price is too high for me.