tom's theory on the options., page-6

re:sbpo action I agree that the announcement last week clearly flagged that the SBPO's may well be rolled over but surely the exercise price would at worst be 20 cents(ie the same as the existing options).

Keep in mind that progress has taken longer than the company had expected, and many SBPO holders bought on the basis of the then company forecasts.

It is therefore arguable that the company should seriously consider rolling over the options and I would have thought that the holders of SBPO's would be offered the entitlement as the value of their respective investments in SBPO has fallen dramatically given the longer than anticipated time to get to the human trial stage, and the fact bthat they expire on 30 June 2003(20c ex. price).

The fact that Solbec are not far from commencing human trials is very exciting news