Hi TerryA,I was confused about that too, so I worked on the...

Hi TerryA,

I was confused about that too, so I worked on the assumption that (as per the previous offer) shortfall could be subscribed to by unlisted holders at a 1 (new option) for 2 (unlisted options) held. This may not be the case.

If you leave unlisted options field as 0 it is ignored.

as for the core offer,

My understanding of the offer itself, is that IF you SUBSCRIBE for 4 new options, you get 1 new 2011 option. THEN IF you EXCERSISE 4 new options, you get a further three 2011 options. In summary, if you buy and excersise 4 new options, (total cost 4x3c) you get 4 free 2011 options.

So in answer to your first point, It looks to me like you will be alloted one 2011 option, just for subscribing to four new options (without having to excersise them).

I'm happy to be corrected, especially if anyone can clarify the shortfall allocation forumula.

This announcement rates quite highly in the ambiguity stakes. Some very interesting clauses about Director's Discretion for shortfall allocation... perhaps to make a sure a few squeeky wheels form the unlisted camp get taken care of! Nice work if that is the case.

cheers