options

There have been posts from people worried about their options considering that they are due to expire at the end of November this year. I too fit into that category. If you are worried about your options being worthless why not drop Ken or any other Board member an email and/or ring them asking if they would consider doing a priority entitlement offer to existing option holders. This is what Eastland Medical (EMS) did recently. Refer announcement;

http://www.asx.com.au/asxpdf/20110531/pdf/41yyrk1y4wkzys.pdf

I think it is only fair that the Nex board consider this for option holders for the following reasons;

- share holders and option holders were led to believe that gold production was going to commence alot sooner than what it has. For instance in the September 2009 quarterly report the following statement was made "The board of Nex believe that, subject to regulatory approvals, mining of the laterites can be started by the end of the December 2009 quarter and gold production can occur within the 2nd quarter of 2010". Timelines have clearly not been met to the detriment of option holders.

- Those that participated in the various capital raising did so with a free attaching option as a sweetener. This is now effectively worthless. What incentive is there for them to be involved in capital raisings in the future.

- The priority entitlement offer if undertaken at say 1c would assist in raising further funds which is much needed by the company.

- The priority entitlement offer would put options onto the market which have the opportunity to be exercised in the future hence raising further funds.

- The priority entitlement offer would reward those loyal option holders who have stuck by Nex and its plans despite timelines clearly not being met.

- The priority entitlement offer would reward loyal option holders for their patience and would be an act of decency.

I urge existing option holders to contact the board and request that Nex undertake a priority entitlement offer just as Eastland Medical has done. If you could post on here what response you receive that would be appreciated.