for takeover at 60 cents, there is little, if nothing, in it for the directors
the preference shares only convert when there is a 'measured' JORC
Phillip James McCarthy 138,462 ordinary shares 500,000 options exercisable $0.50 500,000 options exercisable at $0.72 500,000 options exercisable at $0.468
William Alexander Hansen 338,462 ordinary shares 500,000 options exercisable $0.50 500,000 options exercisable at $0.72 500,000 options exercisable at $0.468
Alan John Broome 189,129 ordinary shares 1,000,000 converting preference shares 500,000 options exercisable $0.50 1,000,000 options exercisable at $0.72 500,000 options exercisable at $0.468
Gavin Solomon 1,375,962 ordinary shares 1,980,000 options exercisable at $0.50 500,000 options exercisable at $0.50 500,000 options exercisable at $0.72
other directors 1,300,000 rights to be issued options exercisable at $0.445 per share subject to the achievement of certain JORC milestone events
Converting Preference Shares Milestone 1 Identification of a JORC 'measured' resource of below 50mt No conversion 0.00%
Milestone 2 Identification of a JORC 'measured' resource of 50.1mt Converted upon reaching milestone 18.75%
Milestone 3 Identification of a JORC 'measured' resource of between 50.1mt and 200mt Converted on a pro-rata basis from 18.76% at 50.1mt to 75% at 200mt 56.25%
Milestone 4 Identification of a JORC 'measured' resource in excess of 200mt No additional conversion 0.00% Milestone 5 Completion of a bankable feasibility study Converted upon reaching milestone 25.00%
EOC Price at posting:
44.5¢ Sentiment: LT Buy Disclosure: Held
