Ann: Closure of Non-Renounceable Entitlement Issu, page-18

re: Ann: Closure of Non-Renounceable Entitlem... Oilyman - AM's response in your email doesn't ring true IMHO. "All Directors intend on taking up their full quota of options and potentially more" is patently false if you really did receive the email on 1.3.12, simply because the offer is now closed. That sounds to me like he and Lia haven't taken up their rights and he is trying to weasel around the issue, i.e. the shortfall period is open and he might suggest that he will take them up through this.

The prospectus stated that all directors "intend to take up their full entitlement UNDER THE OFFER". If he (and Lia) didn't take up their rights while the offer was open, he cannot now take them up. They need shareholder approval for that to happen and as far as I can see they don't have it, and since it takes 20 business days (1 month) to call a shareholder meeting, time is now ticking for him to get approval to take up his rights while the shortfall period remains open.

Smells fishy (again) to me.