Ann: Issue of Ordinary Shares and Options incl. Appendix 3B, page-6

Yes I do think director's took up their entitlements (apart from one).

And the reason why is because of a couple of willm's posts where he said that it was represented to him that they would. (Again, if I've misunderstood those posts, someone please correct me)

Should that now turn out not to have happened, in my opinion, it will not reflect well upon the directors.

As to this 50% condition, maybe it was inserted in there because it would look bad if no-one took up their rights except directors & then, a few months later, something positive happens impacting on the share price. Again, not advocating this idea, just putting it out there for people to consider. In my opinion, it would have been better if director's unambiguously stated their intentions regarding the CR. I don't know why they didn't.

Similarly with the unlisted options, in my opinion, it would be better if they were listed. Directors clearly disagreed.