Ann: Hazer Intellectual Property Update, page-43

I agree. But they haven't really been acting like a company that wants options converted.

Companies can easily find little bits of information to release to prop the share price up for a few months if they really wanted too.

For example, MIN have previously stated PUBLICLY they have a target price of US$6,000 per tonne of graphite.

If hazer management wanted options in the money, they could just keep repeating this information to the market so that the market is fully aware that MIN are targeting US$60m in annual revenue from the project ($6,000 x 10,000tpa). That's AUD$90m per annum.

This is one example of information they can release to market pump the short term price up, yet they prefer to be more conservative than MIN and say nothing.

It would have also been fairly easy to get the options underwritten about 3 months ago.

If they wanted options converted, it doesn't bode well for me because they have had an absolute shocker in that case.