FACSIMILE NUMBER CALLED: 1300 300 021 DATE 16.3.2000
ATTENTION: COMPANY ANNOUNCEMENT OFFICE
FROM : JAN VASYLI Senders Facsimile (07) 3267 1116
SUBJECT: RIGHTS ISSUE UPDATE NO. OF PAGES 1
Please telephone (07) 3267 1113 if total transmission is incomplete or illegible Message:-
As announced by your Directors to the market on the 9th February 2000 the non-renouncable pro-rata Rights Issue closing date for existing options to have been converted to shares will be the 12th April 2000. This date is important because at this time we must calculate the ratio to be used in offering options to existing shareholders. Our aim is a 1:1 issue, but this is dependent on the number of options converted to shares before the 12th April 2000.
All optionholders who wish to convert their options to shares so they will be eligible for the non-renouncable pro-rata issue of options must lodge a Notice of Exercise of Option form and payable exercise monies as soon as possible and no later than 5th April 2000.
The non-renouncable issue of options will be at an issue price of 5 cents each. The options will be exercisable at any time within the next three years at 70 cents each.