Ann: Acorn Exercise of Option , page-2

Positive for the company and a clear 'thumbs up' for management.

Hope they stay on the register and increase their holding over time.

Just picked this up off their website (should have looked earlier!)

http://www.acorncapital.com.au

ACORN CAPITAL
Boutique investment manager established in 1998
Research driven-investment processs
Largest specialist microcap investor in the Australian market
In depth fundamental research - the cornerstone of our investment performance

INVESTING IN MANAGEMENT
Our role is to research and invest in the most attractive Australian based public and private microcap companies.

Acorn Capital invests in microcap companies that are listed on the ASX. The investment team uses quantitative and qualitative research techniques to find the best relative value within each economic sector. Acorn Capital maintains proprietary quantitative research tools to support the research effort in the listed portfolio. The investment team has on average 17 years of relevant experience and has the benefit of extensive industry relationships to support its research effort. Acorn Capital is a substantial shareholder in more than 50 ASX listed companies.

INVESTMENT PHILOSOPHY
An inefficient sector
The pricing of microcap companies is inefficient relative to large listed companies, providing opportunities for excess returns relative to risk.

Research
In-depth fundamental research, both at the sector and company level, is essential in the microcap sector and is the cornerstone of our investment performance. We believe that fundamental research is more important than valuation techniques and we make investment decisions based on relative value against a peer group. Our strong commitment to research is evidenced by our highly experienced research team, comprehensive database and knowledge of the microcap sector compiled over the past decade.

Portfolio management
We seek to manage microcap portfolios in a way that:
- Is founded on structured fundamental investment analysis
- Makes full use of our team’s business and financial markets experience
- Is professionally and academicallyrigourous