saxien - sbp - mick ruane's response re options Saxien and other...

saxien - sbp - mick ruane's response re options Saxien and other solbecians.
Following is Mick's reply to my email. Makes sense so we can call off the dogs.
Also spoke to Steve Carter today. Current focus is on human trials - currently under way. When completed, submission goes to FDA in the States for 'orphan drug status'. Barring any unforseen delays, this is expected to be in place before 30/6/2003, so re-issue of options won't be necessary. However, Mick Ruane has taken the action of disposing of his options as a prerequisite to being able to vote if "murphy's law" prevails.
Mick's reply follows:
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Received your email of todays date regarding SBPO. My response follows;

If you recall from the AGM I made the comment that if we wished to make a new options issue to current option holders it would be necessary to obtain approval from the SBP shareholders.

As also mentioned at the AGM any party holding SBPO cannot vote irrespective of their SBP holding.

Should Solbec wish to proceed with an options issue I would like to ensure that it is successful. To make sure I may need to vote because some fully paid shareholders are in favour of a rights issue to SBP holders and not a new options issue.

To ensure I can vote on any such transaction I have disposed of my options. As you have noted I acquired some (460,000) fully paid shares at the same time.

I trust that you understand the necessity to run this way.

Regards
Michael Ruane
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