Ann: Change of Director's Interest Notice x 2, page-10

Amigo, at about Christmas time last year the company was in a pretty difficult situation. The long-running dispute with Cobalt Blue (COB) had not been finalised, the shareprice was at only about 1.5 cents and the biscuit tin was almost empty. BPL (as it was called then) had changed direction to buy La Paz, so it issued an offer to all shareholders plus from memory there was a placement to profs. The offer to shareholders didn't get fully filled (guess it was about 60%), but the directors bought more shares and they may have got bonuses (can't recall). Members of the Hill family (two directors) held over 20% of the shares on issue and they kept faith - they invested more. So perhaps the price to convert options may seem too low at this time but, BPL (now ARR) had been hammered for a couple of years. IMO it is only in the last 6 months that sentiment for ARR and many ********* has turned around and the assets are recognised. And by the way, the settlement of the dispute with COB was finally in favour of BPL (now ARR), and it was awarded a $6 million payment. Some of that payment has already been received but, over the next few years, ARR will benefit from that decision by receiving about $1 million pa.