text: There is no inherent right arising from these options to participate in any new issue of shares in 
  
  the Company which may be offered to shareholders from time to time prior to the exercise of 
  
  the options. The Company will ensure however, that during the exercise period, for the purpose 
  
  of determining entitlement to any new issue, the relevant record date will be at least 12 business 
  
  days after the new issue is exercised, so as to give the holder of options an opportunity to exercise 
  
  their options prior to the relevant record date of any new issue. 
  
  In accordance with the provisions of the  E M P L O Y E E S H A R E O P T I O N I N C E N T I V E P L A N 
  
  Mermaid Marine Australia Limited Employee Share Option Incentive Plan (the “Employee 
  
  Option Plan”), as at the date of this report a total of 42 employees have under option an aggregate 
  
  of 615,000 ordinary shares in the Company. Of the 615,000 ordinary shares under option pursuant 
  
  to the Employee Option Plan, half (307,500) may be purchased within 12 months of 18 June 2000 
  
  at an issue price of 60 cents per share and half (307,500) may be purchased within 12 months of 
  
  18 June 2000 at an issue price of 70 cents per share. 