The announcement today is really an ASX forced legality so that no one can complain, "Oh, I could have got some more 15c options if only I knew to convert my 35c ones to shares!" It does sound silly but that is the requirement. Management is probably embarrassed at having to make the ann.
Everyone gets the 15c options regardless of whether they participated in the recent fundraising. These are therefore intended as a free substitute for the 35c ones. While shareholders might have been justifiably alarmed at the way the last raising was announced, the directors were /are responding quickly to a company making opportunity that presented itself in SE Asia. What else should they have done in the circumstances? This information was not known at the last AGM or at the beginning of this year. I suspect any additional independent directors would have moved the same way.
The funds raised from the 15c option conversion is designated to pay for the SpermSep trial. Achieving this with speed is essential as it is the only thing that has great potential in generating imaginative publicity for NSP.
Juke
MEM Price at posting:
11.0¢ Sentiment: LT Buy Disclosure: Held
