ife news, page-48

19th May 2011 announcement:

The Capital Structure of the issue of Shares and Options contemplated by the Notice of
General Meeting should read as follows:
Capital Structure
Now
Capital Structure if
Resolutions 2 is
passed and all Options are
issued
Capital Structure if
Resolutions 2 & 3 are
passed and all shares
are issued
Shares 75,664,843 75,664,843 86,664,843
Listed Options 15,132,969 16,332,969 16,332,969
Unlisted Options 3,550,000 3,550,000 3,550,000

The right hand column is what counts.
86.6+16.3+3.5=106.4

I accept that 3 million or so options have lapsed, but that is still 103.4 million shares fully diluted AND there is no guarantee that Mr Finch is correct that there are many institutions 'jumping over each other' to finance this project - in fact on his track record this may be a figment of his imagination.... just saying.

I will happily take 90 cents and as promised in the past will get out of your hair once that is done.

The optimist in me loves the story they have to sell, but I have not moved on from the dash for cash that management made wrt performance options earlier this year and that is my choice to linger in the past. On the plus side for those who are long term investors at least the dash for cash demonstrates that management think there is a chance they can make it work!

Good luck for the next few weeks to all, and enjoy the weekend.