Ann: Fully Underwritten Option Entitlement Issue, page-6

> The Entitlement Issue is fully underwritten by ...

Usually, every 'fully written underwriting agreement' has an extensive set of outs that allow the underwriter an exit, if various things happen, such as the price of gold changing, or the exchange rate changing or the US stock market changes or blah blah.

I would be very interested to see the list of 'outs' on this agreement, because I am sorry to say, but I can't see this having extensive take-up by the shareholder base. I should probably check the Black-Scholes valuation, but my gut feeling, based on the structure requiring the share price to more than double to over 9c before anyone can recoup anything ... is that I am not going to bother to check Black-Scholes.

[ And I am not even going to start on the 20m free oppies for directors and KMP. ]