Ann: Letter to Option Holders , page-14

petey888,

IF a consolidation will be required, then as an option holder I WILL NOT exercise until April 2012 as I always planned to do.

Lets say you right and ASX does not agree to waiver of the rule (which for the record is Chapter 2). and we are at 12.5c. Lets say we reconsolidate at 2 for 1 to be at 25c on new opening. My options will be reduced 2 for for 1 with an exercise price of 2c for a 25c share.. I don't loose, I actually benifit from a tighter register which will asist in my options being worth more in the future..

So which ever way, I WIN....