options, page-2

G'day MichaelIrish,

" (2) Shareholder selloing options.........."

Actually, Director Antonio Catanzaro allowed his 75,000 $2.76 options to expire. If you scan down further on his notice you can see that.

As to why he and somebody(s) else (200k) let these options expire, I am not sure. On the surface it would seem that you could exercise the options for $2.76 to gain shares worth $2.90 for a profit of 13c. I suspect that the reason for not exercising for that small profit may be a tax situation. I am no expert but I believe tax becomes payable when the options are exercised.