Ann: Appendix 3B , page-2

13.25m options at 2cents and 3cents a pop, expiring Sep 2017 (ie 4 years from today).

Does not give shareholders much confidence in the management's ability to deliver much in the way of shareholder value in the foreseeable future.

Very poorly managed company it would appear to me.

Share price has lost 90% of its value in just 12 months and yet somehow, the board believes the current directors worthy of holding onto by offering over 13million shares.

Distasteful!