havent seen this since cudeco , page-56

It's logical to me and a well flagged outcome.

EVG will need money to further its Latin American expansion plans. The timing of the new options will coincide with the construction of their Venezuelan Plant (provided the feasibility plan comes through ok).

The strike price is still a long way from the current SP so current shareholders should not be too miffed.

Current heads holders can participate in the new options at minimal cost.

The only parties that lose out are previous holders of 31/12/09 Options that sold out prior to this announcement.

To that end, EVG have flagged this decision well prior to the 31/12/2009 strike date to reduce the number of 31/12/09 option holders who would be negatively impacted.

We have discussed at length on this forum the possibility of an extension to the options (via issuing new options at effectively nil cost) and with BJ being a large buyer any sellers of the 31/12/09 options must have weighed up this possibility.

With the new strike date being 31/12/11 we should, at that stage have 10-12 months production from Las Lagunas and the SP SHOULD be well north of 15c.

I for one will be voting in favour and taking up my options rights.

Cheers
john