spo shares and bonus options

It will be interesting to see how many SPO shares were taken up as a result of the extension period. The fact that $1.3M had already been raised of the $2.1 M targeted while under very testing global market conditions is rather a good sign. The higher the raising the greater the equity of NSP in PrIME Biologics.

Note that the present share price of 12 c is not far short of the 15 c exercise price of the bonus options which are yet to be allocated on everyone's total holding and will expire 31 March 2012. That should be more than sufficient time to generate some good announcements to raise the share price to 16 or 17c (safely over 15c). Being already so close to the exercise price, the options should have an immediate value of around 3c on issue.

It also means that the 10c shares obtained under the SPO will already have an effective value of about 13.5 c which is a rapid appreciation in short time. (All supposing that the market price stays at present 12c.)

For the same reason, since the record date for eligibility of the bonus options is 30 Sept 2011, it may still be worth considering topping up beforehand even at a price of 12c.

The various recent Director's Interest statements clearly show that they have been buying shares on market. Each of the directors is also taking up SPO shares (if the shareholders' meeting on 9 Sept approves it). This is an expression of confidence in their own company. Manusu and Nair are also underwriting.

On a separate point, I think the name change for the Singapore fractionator to PrIME Biologics is superb. It is pithy, it identifies the name to their technology, and removes the conspicuous Singapore connection in the eyes of the surrounding nations. It is important to do such thing before marketing commences in earnest.

Juke