Recd proxy forms today re issue 1,500,000 options X 4 to all...

Recd proxy forms today re issue 1,500,000 options X 4 to all directors in new Co Eden Energy. They are conertable at 20 cents before 2009. I would have peferred to give them double options but at 30 cents for "real" incentive to perform. They state options only worth 0.1 cents so each director only getting $1500. In the real world if Eden lists on ASX it has to be at 20 cents. Options that are valid for 4 years I would expect to be able to be sold initially for at least 5 cents each barring share price disaster on listing. Maybe I am being too sensitive to this "lawyer" speak but it makes me want to vote against. Any thoughts?