option exercised , raised aud $15.5m , page-4

Gralf,
Taken from iii/RUM: Pete sort of gives an understanding why

":Thanks kieron - can never manage expectations with regards to how people perceive the board - when the company was on its knees 3 years ago we all wrote out cheques for 300k plus to ensure it survived , in
this round sam jonah and myself wrote out chqs for 300k to exercise options - which then leaves us to the 10 centers - writing a chq out for 1.5m in this market is tough - what we normally would have done is borrowed the funds on a margin loan account but these facilities have basically disappeared for small / mid cap stocks (all you can do now
is borrow the money and the funder will sell the stock hence why we
chose to place it to people we know) so we either take up some of the
options and let the others lapse or use the opportunity to keep the
company well funded and bring new institutional investors in who
actually think the board did the right thing in moving the company
forward - to suggest lack of committment is pretty unfair given big
chqs were personally written out and access to funding in today's
market isn't easy and like everyone we have all taken hits
Hope the above assists
Regards p