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The manoeuverings before the AGM next Tuesday are very clear and definite. Either way, we will have new faces on the Board and, as independent directors, it will be their function to ask the pertinent questions on new proposals. One might hope that the most rational decisions will occur.

The option (NSPOA) conversion announcement today is most relevant. It means firstly, that option holders have been willing to pay the 15c exercise price when the share price is at 9c. This is an expression of confidence. (Considering the usual illiquidity of the shares the actual present share price is not very significant.) Secondly, the $1.8 M so raised is immediately available to expedite key projects. That is a great relief. One of these is to fund the necessary trial of SpermSep which was just waiting for commencement. Besides providing a potential stream of revenue SpermSep should also be the keystone of wide scale publicity for NSP, leading to meaningful share liquidity and possibly institutional investors on the register. Without this Nusep would remain an unknown investment in Australia.

It is easy to see how the option conversion is also a smart strategic move in that it becomes self supporting. Moneys spent usefully now can generate new business and positive ASX announcements that will increase the share price well in advance of the expiry date on 31 March 2012. A good move.

Another project that requires both speed of implementation and major capital is the PrIME BioLogics fractionating plant in Singapore. This is of a substantial scale that requires considerable lead time, much hard work, some perceptive political astuteness and a familiarity with the investment markets of SE Asia. The update promised for the AGM should be very interesting.

Juke