Ann: Change of Director's Interest Notice - D, page-2

re: Ann: Change of Director's Interest No... I bet few people understand this announcement.

Quotes from the announcement:

"No. of securities held prior to change -
"(a)719,803 fully paid ordinary shares in Cochlear Limited (703,803 direct and 16,000 indirect)
"(b) 495,039 options each over one fully paid ordinary share in Cochlear Limited (23,235 vested and 471,804 unvested)"

"Interest after change -
"Financing arrangements relating to 502,177 fully paid ordinary shares in Cochlear Limited, including 72,863 put and call options exercisable in 2013, and 429,314 put and call options exercisable in 2014." (End of quoting)

My comments:

It looks like to me that all the shares, including "719,803 fully paid ordinary shares" "held prior to change", have been sold off.

What left are only "72,863 put and call options exercisable in 2013, and 429,314 put and call options exercisable in 2014".

Note that 72,863 + 429,314 = 502,177.

So the "Financing arrangements relating to 502,177 fully paid ordinary shares" referred only to the (72,863 + 429,314) options, nothing else.

What a joke!