Dear Caz,I hold 13mil shares in VIL and I am not in the money....

Dear Caz,

I hold 13mil shares in VIL and I am not in the money. My interest is solely in selling at a profit, the higher the better. Do not be suspicious of my motives. If I post the same this week as last it just shows I am consistent.

I do agree with you that there is an issue. I see 3 issues, 1. whether the free options should be granted at all, 2. the quantity that should be granted each director and 3. the exercise price.

Surely you must concede that if the exercise price was say .10c then, ultimately the SHs must benefit if the directors exercised them because the SP would obviously need to be in that vicinity or higher and the coy would receive $6 million from the exercising of the options.
If you agree with this then you would not be averse to the issue of the options, only to what is a fair exercise price.

Let me digress to explain something. I have a life long friend who is retired and invests in stocks to enhance his lifestyle. This friend related to me the following - "Due to his association with a broker (whom I also have been a friend of for some 55 years) who controlled a junior company, my friend was appointed to the board of that junior company. When my lifelong friend was told he would be receiving $X dollars for his directors fees for the year my friend said to the broker, "I do not deserve those fees because I haven't done anything to earn them." (or words to that effect). The broker said "But you're a director, you are entitled to them"." The point I am making here is that directors are like politicians, they see an opportunity to control and to take reward. Whether they deserve the reward does not seem to strike them as relevent. I suppose that is why rules allow SHs to vote for or against directors resolutions and to vote them off the board.

My intention in commencing this thread was to get an idea of SHs thoughts. Nothing more. I am not pro or anti the directors and I am not an adversary of other SHs.

Caz, I value your input as I do Muscles720 who posted that the exercise price should be more like (given the expiry date of Dec 2013) .035c - 04c. Looking at his logic, I am inclined to agree with him that .025c is too low. I also have reservations about the number of free options to be issued, especially the 20 mil to Mr Lee who is being paid $200,000.00 per year. I googled Mr Lee and from what I found he is/was also working for Chevron and at least one other company.

Before I cast my vote at the meeting, I will be seeking clarification as to how many hours each director actively works for the company for their remuneration and an explanation as to why the directors think they deserve such a free kick. Their obvious response will be that they only benefit if they perform. It is the level of their performance that is the subject of this debate in the form of what is a fair exercise price.

Still seeking SH views.

Sincerely,

Miki