firm commitments, page-66

Gus,

I understand that the options are an incentive for growth. What I am saying is that because of the 3 x CR's shareholder growth has been significantly diluted especially where AN is concerned.
I accept the CR's as the way to go in the current circumstances. The BV loan option failed. Whether it was our director's fault is irrelevant. They were steering the ship at the time. IMO, that doesn't warrant a reward for our directors. The 12c options expiring at the end of this year were suppose to be the reward.
They won't happen now. Why? Because AVB rightly or wrongly has under performed. So our directors have "swapped" these 12c options for 10c options and added to the number. Why are the 12c options now 10c? Because of the CR's.

The milestones that the 10c options are linked to are all a given. No incentive really. Only the directors need to get our price above 10c for them to take up the options. Hello? That isn't going to be easy because another 1.3 billion shares have been added to fund AN. That's the irony.

As far as incentives go, AN is in the bag. The current 10c options expire in 2018. By 2018 we should be building PB. There's a lot of PB milestones coming up in the next 3 years that the director options could have been linked to. On that subject, one quarter of the 10c options are dependent of a pre-feasibility study for PB. That's a vesting condition? Not linked to a decision to mine instead?

Let's look it at another way. What if the decision to mine PB is canned? Would anybody be happy with the director options being added to AN alone? Makes sense and much fairer to link the director options to PB being successful. Oh, but at this stage we can't link any options to PB following a decision to mine because that decision hasn't been made.

Then this is yet another argument for the directors rewards to be part of the up and coming Performance Rights Plan. This is what AVB are bringing in because we are transitioning from an explorer to a miner. That's fair. But why are we adding additional options for AN when AN has been belted to death by 1.3 billion shares.

IMO, but that's my take on the matter.