Ann: Notification of Expiry of Unlisted Options, page-9

No it means that the option holders don’t think they can make a significant short term, zero risk return by converting the options at a nearly 20% premium to yesterday’s closing price. These options were not held by investors, but brokers. While I can’t talk for the particular brokers that held these options, no brokers that I am aware of are in the business of investing for the long term in speculative companies. Even if the SP had been well above 30c on Monday having 6 million shares dumped into the market would kill any upward momentum for a long time.

While it would be nice to have more cash in the bank, at this point in time it wouldn’t change anything we are planning to do over the next 6 months. I want to see any new shares issued go to holders that believe in what we are doing and are invested for the tough journey ahead, not traders who will flip them for pips.