Macmin today announced the conversion of 675,000 employee options to ordinary shares at 4.5c per share.
Resonable to think that some/all of these new MMN shares will find there way to the market soon ??? Otherwise why exercise right now ?? These options are good for another 4 years.
<< 1,675,000 Non transferable Options (Employee) exercisable between 25 September 2001 and 24 September 2006 at 4.5 cents >>
Not a bad gain right now with the shares selling @ 12c Let's see how the price of silver performs in the short term. Could see some pressure on MMN - imo. ----------------------------------------------------- FULL TEXT: Appendix 3B-Conversion of employee options
MACMIN LIMITED 2002-06-05 ASX-SIGNAL-G
HOMEX - Brisbane
+++++++++++++++++++++++++ APPENDIX 3B NEW ISSUE ANNOUNCEMENT
APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.
We (the entity) give ASX the following information.
PART 1 - ALL ISSUES You must complete the relevant sections (attach sheets if there is not enough space).
1. Class of securities issued Ordinary Shares or to be issued
2. Number of securities issued 675,000 or to be issued (if known) or maximum number which may be issued
3. Principal terms of the securities Ordinary Shares (eg, if options, exercise price and expiry date; if partly paid securities, the amount outstanding and due dates for payment; if convertible securities, the conversion price and dates for conversion)
4. Do the securities rank equally Yes in all respects from the date of allotment with an existing class of quoted securities
If the additional securities do not rank equally, please state: * the date from which they do * the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment * the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
5. Issue price or consideration $0.045 per share
6. Purpose of the issue (if conversion of employee issued as consideration for options the acquisition of assets, clearly identify those assets)
7. Dates of entering securities 5 June 2002 into uncertified holdings or despatch of certificates
NUMBER CLASS 8. Number and class of all Refer attached securities quoted on schedule ASX (including the securities in clause 2 if applicable)
NUMBER CLASS 9. Number and class of all Refer attached securities not quoted sechedule on ASX (including the securities in clause 2 if applicable)
10.Dividend policy (in the case No dividend distribution is of a trust, distribution envisaged in the near policy) on the increased future capital (interests)
PART 2 - BONUS ISSUE OR PRO RATA ISSUE
Items 11 to 33 are Not Applicable
PART 3 - QUOTATION OF SECURITIES You need only complete this section if you are applying for quotation of securities
Items 34 to 37 are Not Applicable 34. Type of securities (tick one)
(a) X Securities described in Part 1
(b) All other securities
Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities
Entities that have Ticked Box 34(a)
Additional Securities Forming a New Class of Securities (If the additional securities do not form a new class, go to 43)
Tick to indicate you are providing the information or documents
35. If the securites are equity securities, the names of the 20 largest holders of the additional securities, and the number and percentage of additional securities held by those holders
36. If the securites are equity securities, a distribution schedule of the additional securities setting out the number of holders in the categories 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 - and over
37. A copy of any trust deed for the additional securities (now go to 43)
Entities that have Ticked Box 34 (b)
Items 38 to 42 are Not Applicable
ALL ENTITIES
Fees
43. Payment method (tick one)
Cheque attached
Electronic payment made Note: Payment may be made electronically if Appendix 3B is given to ASX electronically at the same time.
Periodic payment as agreed with the home branch has been arranged Note: Arrangements can be made for employee incentive schemes that involve frequent issues of securities.
QUOTATION AGREEMENT
1. Quotation of our additional securities is in ASX's absolute discretion. ASX may quote the securities on any conditions it decides.
2. We warrant the following to ASX.
* The issue of the securities to be quoted complies with the complies with the law and is not for an illegal purpose.
* There is no reason why those securities should not be granted quotation.
* An offer of the securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.
* Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any securities to be quoted and that no-one has any right to return any securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the securities be quoted.
* We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the securities to be quoted, it has been provided at the time that we request that the securities be quoted.
* If we are a trust, we warrant that no person has the right to return the securities to be quoted under section 1019B of the Corporations Act at the time that we request that the securities be quoted.
3. We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
4. We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before quotation of the securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.
G M Edwards DIRECTOR/COMPANY SECRETARY 05/06/2002
ANNEXURE "A"
8. Number and class of all securities quoted on ASX (including the additional securities) -
90,576,608 Options exercisable on or before 20 September 2005
90,576,608 TOTAL OPTIONS
9. Number and class of all Issued securities not quoted on ASX (including options, preference shares, convertible notes, partly paid shares, loan securities, etc)
655,000 Non transferable Options (Employees) exercisable between 1 December 1998 and 1 December 2002 at 20 cents.
2,295,000 Non transferable Options (Employees) exercisable between 28 May 2000 and 28 May 2004 at 20 cents.
3,200,000 Non transferable Options (Directors) exercisable between 4 July 2001 and 3 July 2002
1,675,000 Non transferable Options (Employee) exercisable between 25 September 2001 and 24 September 2006 at 4.5 cents.
MMN Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held