You piqued my interest regarding the options so I had a quick...

You piqued my interest regarding the options so I had a quick look. Glad I did because in reading the announcement dated Apr 02 re: application for quotation of securities, I went to the bottom of the announcement and looked at their total capital structure, WOW.

If you were just looking at the tab on hotcopper you would think their total market cap was around $23 million (seems like a bargain right), but that just takes into account the 75 million fully paid shares. There are then around 85 million fully paid Restricted shares (I'm assuming these are shares in escrow) and then a further 71 million options, which as you said yourself will probably be converted eventually (though probably not in time to save them from a cap raise). So rather than a current market cap of $23 million, fully diluted the current market cap is more like $70 million (not quite the bargain).

Wonder how many of the mum and dads over there realise this (not many I would think). Perhaps I should think about my friends over there who I am now quite concerned about and post this