Ann: Notice of Annual General Meeting/Proxy Form, page-13

I agree re Verner receiving options ok - very ordinary but that's how the corporate world is.

Importantly what it tells me is:

1. Unless it's a decoy the sp wont be down to a pittance for an opportunistic takeout as some have suggested.

2. He will be making sure the sp is above the options offer to take full advantage to cash in - again. COULD BE IN THE FORM OF A TAKEOVER AS THE DEMAND PRICE EQUATION - NO PRODUCTION - well it is not sp positive stuff is it.

Now this price is very inferior to many but it is what it is and it aint going spectacularly north until the price of graphite fines increases and opex declines considerably and demand for graphite rises a whole lot and they secure profitable binding off take agreements prior to resumption of operations or it's pointless to fire up again to sell below cost. It's why I am adamant they should shut it down
indefinitely - cut costs to the bone - because none of this appears set to happen any time soon.