From my understanding of this announcement, should holders vote...

From my understanding of this announcement, should holders vote for it at the coming AGM, shares held by old shareholders, and those that have been issued new shares and options when we were de-listed, will be reduced down to 1/10th of their holdings, e.g., reduced from 100,000 to 10,000 shares. Also, the previously held but now expired Dec., 2012 convertible 0.015 cps options will also be re-issued on a 1/10th basis, i.e., say 1,000,000 options to 100,000 options, now convertible at 0.15cps.
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"Issue of New Listed Options to Existing Option Holders

To issue 139,326,777 listed options, convertible at $0.015 anytime up to 15 months from the date the Company is re-listed on ASX, to the persons listed as holders of Marion Energy Limited listed options denoted by the ASX symbol MAEOA, other than to Directors of the Company (refer below), which expired on 10 December 2012 for no consideration. It should be noted that, if shareholders approve the share consolidation, the number of new listed options that may be issued if this resolution is approved will be 13,932,678 convertible at $0.15." .....end of quote.
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I will therefore have retained the initial value of my shares held prior to re-listing should they be re-listed on the ASX at $0.06. Certainly no where near the amount when purchased.

Secondly, I will also be reissued with 1/10th of the expired options that I held in 2012.

This initially sounds good in that I have retained some value in my shares if they at least re-list at $0.06cps. However, the chance that my previously held Dec.,2012 ($0.015) options being re-issued on the same 1/10th basis at $0.15 would seem to offer no value unless the shares go up to in excess of 15 cents once re-listed on the ASX.

In turn, Directors and new investors/partners who were issued enormous quantities of shares at $0.006 and new options at $0.003 conversion whilst our company was de-listed, will reap them enormous rewards should the price be $0.06 at time of re-listing on the ASX.

Would have thought that it is very unlikely that share price will venture up to or past $0.15 in order to get any value back from options. If they did, all good and well for me, but those who received the new issue of tens of millions of shares (0.006c) and, especially the options (0.003c) will reap those new holders literally millions of dollars.

This seems very unfair, especially when directors who held very few shares prior to company delisting, and issued themselves these hundreds of millions at bottom of market value ($0.006 per share and $0.003 per option) whilst still demanding full salaries and bonus issues worth many hundreds of thousands of dollars each and every year.

I would hope that original holders will get a say on some of the excessive rewards offered to the few.

Am absolutely sure there will be some active discussion to follow.