should have a tail, page-15

NZ,

Do you understand the following?

There are no .03c options.

The directors not only have to pay tax on any options granted, they have to pay out .025c to convert those options to shares. That conversion money goes to the coy. Yes, you and me and the other shareholders, as owners of the coy.

Would you stop bitching if the directors bought the shares today for .025c, instead of on market at .014c?

So what we really have here is, punters can buy on market for .014c today but directors have to pay .025c for their shares, albeit by Dec 2013.

I am not saying that I am going to vote for the resolutions. My vote will depend on the inevitable announcement this week and upon the answers I get when I ask the directors to justify the resolutions. At present I am inclined to vote yes, provided the resolutions are amended to an exercise price to .035c.

I think you would find I am losing a lot more than you on this stock. I am not bitching about my loss because I chose to take the punt and I choose to ride it out.

Miki