expired options, page-14

The Directors would have the problem that they could not realise their gains by selling the shares (post exercise) above 50 cents due to corporate governance considerations. They would therefore be faced with “punting” $500,000 to exercise and would have some difficulty in financing this due to the share price being where it is. In recognizing that it is an individual decision and risk it makes some sense to me that

(a) Jurgen would not exercise as he has plenty of other options not expiring, albeit at higher exercise prices plus already held shares.

(b) Nick Heath also has nearly 1,000,000 shares



The others would probably be afraid of the punt. The only “option” available to them was to ask shareholder approval for a grant of additional options with future dates which would have hardly been received well in this climate and that they “had not yet done the deal”. One of those unfortunate timing issues that the deal was not completed when they had hoped prior to expiry date!