Are you really surprised? The fools running this company decide...

Are you really surprised? The fools running this company decide the only way to get oppies converted is by offering the incentive of free options expiring in 2012 ... yes, that's right, 2012... to the underwriters.
So the lucky underwriters keep their free oppies and sell the underwritten shares at a loss, thus getting a useful tax loss. No doubt one day they'll make a killing on the options.
I tried my best to get the directors to come up with another way of securing a big take-up of options and gave them full details of other companies which had maintained or boosted share prices with incentive bonus/ rights issues open to all shareholders, not just a selected few.
But of course, they know best. That's why they give themselves so many incentives!
But it's my fault entirely. When my broker told me to avoid any company connected with Peregrine, I should have listened!!!