Ann: Change in substantial holding, page-6

you get 3 (free) options for every 2 shares bought in the SPP

the options are 'exercisable' at 25 cents

exercising the options means you pay 25 cents to convert an option into an ordinary share

the options you can hold until the company is taken over (if and when)

for example, 75 cent takeover offer would allow to you pay 25 cents to exercise your option and you would make a 50 cent profit on your 25 cents paid

or you can sell the option on market

for example, if the share price reaches 30 cents then option will trade for 5 to 10 cents

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the options will also be listed on the market so we can buy options on market

but if the ELM share price does not exceed 25 cents by the time the options expire, they will expire worthless

expiry date is within 15 months from issue