option holders -- take note

I spoke to the Company Secretary earlier today and as usual I found him to be both frank and helpful.
Here is a summary of the chat:

Mr A gave an informal indication some time ago that he might take action -- it seemed to have gone away-- until the papers were received on 17/2.

Na law does provide for the dismssal of claims if they are judged to be vexatious/frivolous.


Next step .. likely to be late Feb '09.

Unaware of any current negotiations.

Drilling will proceed once this claim has been resolved and the EPL extension is approved.

EXPIRY OF OPTIONS
He has agreed to put my request for an extension of the expiry date for the options to the Board when it next meets.
My request is based on two factors :

That an extension is in the interests of the Company as a mechanism to raise additional Capital on conversion of the options ie approx $5m.

The need to ensure that option holders are treated fairly and without prejudice , having regards to earlier decisions that have been taken, including the delay of drilling at Mile 72.

If you hold options it may well be in your interest to lend your support to this request by also emailing your request to the Company at www.metalsaustralia .com.au.

This is my interpretation only -- I will be most upset if posters use information in this post to bash the Company -- I repeat --I find them to be very open and helpful !
If in doubt call them yourself.

I hope that at least some of the above is of assistance to you .
regards
Q