more information, page-8

It looks like it is scenario 3 of my post of 15 March - i.e. directors are sure of external finance and see no reason to encourage exercise of the options. If the option money was essential they would have been all over the news with progress being made on-site, pictures of the barge and many other "feel-good" announcements....probably also buying sufficient shares to keep the price around 85 (that wouldn't cost much). Personally, I am more than happy if this is the correct scenario - I do not have any options and am looking at significant dilution of my holding if all options exercised. Read into it what you will, but remember that management have no obligation to give you any investment advice and sometimes silence speaks louder than words. GLA