Ann: Dispatch of Option Entitlement Issue Prospec, page-5

re: Ann: Dispatch of Option Entitlement Issue... Hello riderex

"If say, ARD, went to zero, then owning options would be cheaper than buying the shares outright."

Sorry don't follow the above, would you please explain. As I see it, if ARD went to zero, the value of the options is zero and value of the shares is zero so it's much safer to buy the shares which have no expiry date.

I did not excersise my options and nor did the great majority of other shareholders in ARD. Had the options been more reasonably priced, maybe it would be different.

A simple calculation shows that, in my view, there is less risk owning the shares at the current shareprice rather than options at a 300% premium. For example, if the SP went to 20 cents you make 2.5 cents on the options but 15 cents on the shares. Of course there is cross over point but its probably academic at this time.

Regards.