New options

Telecommunications provider Swiftel Ltd withdrew its 20-cent options from trading on March 5, five business days before it was to expire on March 13.

Shareholders in the company have approved the issuing of a new class of options to holders of the March 13 options at a price of 1.5 cents per option.

The new options to be issued will have an exercise price of 10 cents each and will expire on March 13 2005. The new options will be issued on the basis of one for each existing 20-cent option held by Swiftel option holders. DJ Carmichael is underwriting the issue.

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