Spoke to Computershare & the exercise of options is done...

Spoke to Computershare & the exercise of options is done straight away on receival of application form & cheque . . . . should be able to trade the resulting full share the next day (in theory)

That's fine if you are in Melbourne & can hand deliver as that's where the office is . . . for us poor Sandgropers the added time delay of postage makes it more risky

As it stands at the moment, a Melbournian could buy options for $0.032 then exercise the option for $0.01 & then sell the share for $0.052 . . . . 25% profit

There is probably a window of opportunity for the next week, as the placement cost is being calculated on the average cost for the period 8/12/03 to 12/12/03 so the price should remain in its current realm all next week