Ann: Change of Director's Interest Notice - C. Stevens, page-3

I'm not sure what "Performance Rights" are and how they work. If they are anything like what the U.S. equivalent is of a stock grant, then it would not seem that they are taking any risk by converting them to common shares - just free money basically built into the compensation plan. None of the 2,000,000 options @.2145c exercise price seem to have been exercised - that would be a lot more telling to me.

Like I said, I'm not sure what stipulations there are with performance rights in AU, so if someone has a better understanding, by all means correct my ignorance... just pointing things out as I see them.

On a side note - I find it awfully coincidental that those options are exercisable at .21c and that .21c has been the floor for quite some time now. If they were issued relatively recently, then I guess it would come as no surprise.