Hi RocketLooks well & truly like they've stuff up! I am a note...

Hi Rocket

Looks well & truly like they've stuff up! I am a note holder (as well as a s/h) & as I read it, the notes are redeemable in 2016 either at 38 cents cash per note or at 1 ordinary share per note.

If in 3 years time the SP is 13c, how many note holders are going to swap their notes for 1 share instead of 38 cents?

The directors can't know what the SP will be in 3 years time but it seems their expectation is it will be closer to 12 than 38. Pity.

The Nov 2010 SPP was at 24c per share - current MV 4c. Subscribers to the SPP have suffered heaps - now the directors are asking the note holders to take a similar kick up the arse!

Maybe Mr Wall should be called King Sadim - (Midas backwards) - as everything he touches turns to sh!t.

Think I'll risk it and vote no!

regards

dj