mpo management must goooooooo, page-7

I think that the options are priced at x% above the 30vwap at the time of issue, but that is only an assumption on my part.

I think that the reason for 2013 options being cheaper is because of the lower share price that existed at the time of their issue, compared to the price that prevailed at the time of the 2011 and 2012 options.

The 300k that expire in 2011 with an exercise price of 33c belong to the Chairman. They were issued to him back in 2006.

The 400k that expire in 2012 with an exercise price of 85c belong to "other personnel" ( p60 of the annual report).

Bishop and Bowers (because of their seniority) have received the most options. Gorman had a large number and exercised those that were nearing expiry in 2010. He did sell some of the shares that issued.

When Bishop was appointed his reputation was that he was going to be a "deal-maker". I think that he is yet to prove his entitlement to that title.

Bowers has had an impressive background in Canada and was appointed to his current role just over a year ago.

As shareholders we would not be begrudging the issue of options if the assets were being brought to maturity, with the commensurate recognition from the market place. But that is seemingly a lot slower than holders have envisaged, and more importantly to me, a lot slower than the board have intimated at various times.

I think that shareholders of companies prefer their Board to undersell and over deliver, that way there is always a pleasant surprise at the end.