Ann: Trading Halt-AVQ.AX, page-122

Hi Red

I think that if Isabel is returned and SJ is worked up that would be a great result.

My concern is and why I opted to get out was the way the share register is now structured or potentially structured with the options in play.

Many on here have discussed potentially AVQ being taken over by a bigger operator and solving all the future Capex problems and operational problems. This is pretty common as large established miners often buy out explorers proved assets because its more economical that exploring yourself and going through all the pain and suffering.

This would be a great result for everyone BUT depends on the takeover price.

What we have now is that a group of investors with a very big Chunk of the company have a wildly different base price for a takeover.

So as I have said before 75 cents a share is double money for the average shareholder but 11 times their money for the Magic circle.

That disparity is a major problem. The group that put in the $5 million in April would be looking at a $55 million payday at a takeover price of 75 cents.

What is an underwhelming offer or deal for most shareholders is a dazzling deal of a lifetime for others. We will never stand in the way of them and that payday.

I'm not debating if it was fair or not. I just saying that this disparity now exists and is a problem.