18 for 10 rights issue, page-10

The debacle is just further reinforcement of the ineptness of the board.
And love the closing sentence in the options notice:
"Before deciding whether to exercise any options you hold prior to the
record date and participate in the rights issue you should consider the terms of the rights issue
carefully and, if in doubt, you should consult your stockbroker, accountant or other professional
adviser"

In other words, don't ask the MD or the directors for advice if you have any doubt since we know where that will get you...

And of course the wording "if in doubt" as if we all have complete faith in the management.

As for the director resignation notice a few days back, I bet he's thrilled with his 1.5million options that won't be in the money ever. And the paper loss of over 3m on the almost 77m shares held. For existing directors the only solace would be they suffered real losses in the same way as investors. Or better, that they paid us a salary for losing our investments since they were paid to do the same thing.