conditions precedent, page-116

2liveinhope, mate, you need to read up on how options work. I think it has even been delineated on here before.

You raise two separate issues."Why would the directors wait until the share price is 18c before they use their own money to take up their stock options? " because they can currently buy them on market for a lot less??? The idea is that they would take up the options if the share price is above (usually well above) the offered price. If they buy them now they are effectively paying 18c per share when the rest of us could but them today for 6ish. (Though to get the millions involved in the directors options you'd be buying at a higher price because there aren't that many on offer).

Now back to the other issue, they can't buy while all the current activity is going on as they are have substantial information that the rest of the market is not privy too. Though if you read their ASX releases and take them at face value, which I do, they have effectively pulled off finance, they are just closing off the deals and we'll see news of the completion sometime soon. We are also due a substantial JORC upgrade any day so that would preclude them buying as well. It could possibly be argued that they were effectively in blackout since last AGM because of the rapidly changing landscape re finance.