trading activity, page-14

McMurray

If GAU spin-off its Ni, existing shareholders are likely to benefit by receiving an in-specie distribution.

The directors would set a record date and option holders would normally be given the opportunity to participate in the spin-off by exertcising their options prior to or on the record date.

Let's assume GAU spin-off its Ni to XYZ co and existing GAU shareholders were granted an in-specie distribution of 1 XYZ for 5 GAU.

So a holder with 100k GAU fpo will be given 20k XYZ fpo free of charge.

If I had 100k GAUOA I would need to exercise my options at 20c ea on or prior to the record date. I would then end up with 100k GAU and 20k XYZ.