boe call option, page-17

Lash,

The option agreement is not with the listed companies GRV, ECM and ESMCA. Rather it is with major shareholders in these listed companies.

I suspect that because of cross holdings between the various companies, GRV, ECM, ESMCA and unlisted Minga, that controll of the group will transfer if the option is exercised as per the following table:


.............................GRV..........ECM...............ESMCA

Total Shares &
Options .........26,875,633 ...40,626,000 ....25,922,073

Crossholdings:
Greenvale......................0 .....5,438,623.........997,750
Minga....................96,100......3,465,000......6,100,000
ECM..................1,484,720.................0......1,633,400
Esperance..........3,589,300........986,342..................0

Sub-Total...........5,170,120......9,889,965.....8,731,150

Option Agr..........2,200,000......6,150,000........700,000
Total.................7,370,120......16,039,965....9,431,150% of votes................27.4%..........39.5%........36.38%

However, at no stage will the purchaser be buying in excess of 20% in any the listed companies.

Regards

SP