Performance shares are just what they are - there to reward the...

Performance shares are just what they are - there to reward the Board after significant milstones are met. From memory they have up to Nov 2009 to reach them. 119 million are quite a few and perhaps should be added to the diluted market cap.

Non-Renounceable Rights Issue Prospectus: Page.9/10

http://sa.iguana2.com/cache/5f83790aa79513642e7bf708a1679002/ASX-KSX-350890.pdf

The options expire in 2008. The $5m doesn't appear to be a lot which hints at a larger raising own the track and perhaps at substantially higher prices. The recent broker coverage is sig.

Looks reasonable value. Positive news within 2 - 3 months is very possible based on the report.