Ann: Capital Raising , page-5

bootleg, there's nothing unattractive about paying just .0003 for unlisted options that convert to GPN for .01.

GPNOB cost .0025 to buy and .02 to convert, so you need .023 to be in front. The unlisted options are costing .0003 (or about 8:1 compared to GPNOB) and only .01 to convert, so will owe the sophisticated investors just .011 to be in the money.

For anyone who bought 10m GPNOB, they paid $25,000. To convert these will cost $250,000

10m unlisted options will set them back $3,000. To convert these will cost $100,000.

So all up GPNOB will have cost $275,000 to hold 10m GPN, whereas getting 10m GPN via the unlisted options will cost $103,000.

That's a pretty good risk imo bootleg. The fact they are unlisted is of little consequence as they are just about free and convert to fp shares very cheaply. What it also does is adds another 714m to the 1.15b shares on issue already. It makes it much harder to get the sp to move up even with good news, which puts GPNOB holders at far greater risk of losing than the unlisted option holders. It also puts GPN one step closer to a consolidation which will burn GPNOB holders completely.

Had the company chose to issue more GPNOB then that would have been ok as everyone then shares the same risk, but issuing almost free options with half the conversion price lets others in for next to nothing and raises very little money for the dilution it causes.

I am waiting to see if one particular mover and shaker gets any of these. If he does then I will be contacting ASIC again and let them know of my suspicisions of inside information. He keeps a low profile but I reckon he wields great influence.

I don't trust this board any more than the last and have no intention of letting any of them have a free run to do as they please without a fight. I sold out a while back and didn't take up my GPNOB entitlement because I didn't trust the last board at all. And this mob are proving to be just as bad, but in a more subtle way. The result for the average shareholder will still be the same regardless, unless there is a board willing to work for all stakeholders.