shares likely to be issued?

You have got my attention but maybe you can help with a few questions. I don't get how ANZ noms can have 57% and not declare a substantial holding? Are these all small offshore holders or does ANZ bank really own these? I will keep looking but any help would be appreciated.

The other thing is be careful about shares coming at you - on page 33 & 34 one of the executives is granted swags of options if he can arrange a capital raising of 2.5m at or above 10c by 30/6/05 and more f he can arrange $10m at or above 20c by the end of the year. So in theory despite having 6-7m cash or liquid assets you could find 25m shares are sitting in the wings right now at 10c and when it gets to 20c another 50m shares available. I doesn't really say what approval process is required but presumably he has a mandate to issue right now if he could find the buyers.

I like the story so far so not trying to poo the stock - just asking for help and offering some of my research findings at the same time.