resolution 9 removal, page-4

They've done it yet again!

Bhushan have shown their utter contempt for shareholder interests in their response concerning the cancellation of resolution 9 "Replacement Of Options".

They state that the issue of these new options would breach ASX listing rule 7.16. This rule states that there should not be more options than shares on issue at any time. As stated in the letter to the company " The new Board proposes to REPLACE current listed options that expire on 27 November 2009 (the "*2009 Options*") with new, listed options with the exercise price reduced from the current 20 cents to 10 cents per option. The expiry date for this new class of option ("*2012 Options*") will be 27 November 2012. Shareholders will pay $0.001 (one tenth of a cent) for each new option which will replace their existing 2009 Options. Option holders who elect not to take-up the 2012 Options will of course retain their options in the current option series. The issue of the 2012 Options requires shareholder approval, which is the reason why the meeting requisitioners have proposed resolution 9.

Clearly, there is not an increase in the number of options. Did the company tell the ASX the full story or did they just say that the proposed resolution was about incresing the number of options? The ASX did not get the full story othwise we would be allowed to vote on this resolution.

Again for the second time this year, resolutions that shareholders were to vote on have been discarded. Do these directors understand the Corporations Act ?

The new proposed board if elected will press on with REPLACEMENT of the options to give all optionholddres a fair go. A 'Fair Go" is not part of Indian culture