24 March 2007
The Company Announcements Office
Australian Stock Exchange Limited
20 Bridge Street
SYDNEY, NSW 2000
For Immediate Release to the Market
Please find attached Appendix 3Ys for all directors, being Mr John McGuigan, Mr John Atkinson and Mr Ilyas Khan.
Previous Director Appendix 3Ys have disclosed 6,000,000 performance options held in Hunter Bay Partners Pty Ltd on behalf of four individuals. These performance options relate to the options disclosed in the prospectus dated 4 February 2005 and approved by shareholders in the General Meeting on 18 February 2005. As Mr John Atkinson
and Mr John McGuigan are principals of Hunter Bay Partners Pty Ltd, these options held have always been disclosed in the Appendix 3Ys of these directors.
As these options have now been released from their 24 month escrow period, the options have been transferred from Hunter Bay Partners Pty Ltd into the individual names of the four beneficiaries. Therefore in summary:
- the Appendix 3Y of Mr John Atkinson shows a decrease of 6,000,000 options from Hunter Bay Partners Pty Ltdand an increase of 1,500,000 options to a related company of Mr Atkinson
- the Appendix 3Y of Mr John McGuigan shows a decrease of 6,000,000 options from Hunter Bay Partners PtyLtd and an increase of 1,500,000 options to a related company of Mr McGuigan
- the Appendix 3Y of Mr Ilyas Khan shows an increase of 1,500,000 options to a related company of Mr Khan
Finally the remaining 1,500,000 options have been transferred to a related entity of the fourth individual who is not a director of the Company.
The Company believes it is in the interest of shareholders to outline in detail these transactions, as it is imperative to understand that the Directors have not sold their performance options, but rather are just transferring them into the individual holders names, as is reflected in the Appendix 3Ys attached to this announcement.
For Further Information Call:
White Energy Company Limited
61 2 9419 2966