quiet accumulation, page-4

Re todays AGM announcement. It would seem most of David Regans options are exercisable above the current share price (although the strike price at 30c is great incentive for him to get the price as high as possible--ASAP)

Incentive to hold on at current level even greater now.

That for the purposes of Listing Rule 10.11 of the ASX Listing Rules (Listing Rules) and for all other purposes the Company be authorised to issue to David Regan, a Director of the Company, 1,000,000 Options exercisable at 30 cents in four equal tranches of 250,000 Options as follows:
„h Tranche 1 when the average of the daily volume weighted average sale prices (rounded to the nearest full cent) (VWAP) of fully paid ordinary shares in the Company sold on ASX for 10 consecutive trading days equals or exceeds $0.35;
„h Tranche 2 when the VWAP of fully paid ordinary shares in the Company sold on ASX for 10 consecutive trading days equals or exceeds $0.45;
„h Tranche 3 when the VWAP of fully paid ordinary shares in the Company sold on ASX for 10 consecutive trading days equals or exceeds $0.55; and
„h Tranche 4 when the VWAP of fully paid ordinary shares in the Company sold on ASX for 10 consecutive trading days equals or exceeds $0.65,