This is absolutely NOT what has occurred. Only 4,991,569 shares are applied to be quoted. Also the terms of the conversion are clearly stated in all the change of interest notices.
These guys just gifted themselves half the options with no cash required, through some trickery they built into the prospectus when the options were issued. It is as dodgy as it comes, and it's lucky for them the little run on the share price means more free shares in this case. The bottom line hasn't improved at all and you would have to assume a CR is imminent given they running on fumes and its highly unlikely there are any serious bidders for any of these projects.
These guys have not put a single cent of their own money worth mentioning into this company and they now sit on over 5M shares for achieving what?! I would be running at these prices.
Ann: Change of Director's Interest Notice - William Johnson, page-18
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Change
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Mkt cap ! $43.68M | |||
| Open | High | Low | Value | Volume |
| 38.5¢ | 40.0¢ | 38.5¢ | $37.02K | 94.69K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 470 | 39.0¢ |
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| Price($) | Vol. | No. |
|---|---|---|
| 40.0¢ | 18000 | 1 |
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