re reading they have stated they are issuing this to both...

re reading they have stated they are issuing this to both directors and senior management, as well as major shareholders. Not on!

If they do a SPP on same terms then existing small shareholders (like me) can choose whether they are diluted ot not.

As it stands the directors are diluting us, and giving themselves a discount and free options (facts that are in the asx ann).

If there is no SPP I will be voting against tranche 2, and suggest all s/hs do the same. All the "major shareholders, directors and senior mgt and any related parties" who are participating will NOT be able to vote - so a bit of small shareholder power can be brought to bear here. I spoke to a Company secretary (not SMD) who said an SPP wouldn't be that hard or expensive to do, especially given they now need a shareholder meeting to issue these to themselves.

Let's not let apathy allow this !