Silvahman, Yes....But it should be four to one to prevent...

Silvahman,
Yes....But it should be four to one to prevent outrageously excessive dilution.  Gaffa, this may well be why people are buying at .003 i.e. that they think with the ability to buy an equal holding at .001 for an average of .002 after exercise they can still make money.  
Pity about us loyal long term holders!
If Paterson Partners (the underwriters) have mandated the .001 price, then in my view it begs the question whose interests do they see as paramount.  Would love to hear any argument that they would like to make to say that it is the shareholders!
If I get time I plan to ring ASX and see what they have to offer about the dilution issue.  Will seriously consider voting against the proposals, notwithstanding regard for Alison and Andrew.
Kind regards,