Ann: Change in substantial holding from LIT, page-23

The main reason why they would want to unload the holding, is that they are rather short of cash. As at 30 June there was a cash balance of $2.4m with a cash burn of around $1.5 a quarter. Right about now current assets would be getting close to the current liabilities. The options they have are selling The holding in LPD, clearly they are not going to. E able to do this on market, selling something else of value, maybe black earth resources, although I think this was pulled from IPO earlier this year as the market saw it for what it's worth. Do a Capital raising, but with the last retail takeup of one of their CRs sitting about 17% I don't think they could count on raising enough. Tap the $5m equity facility they set up a few months ago, this would Have a material negative impact on the shareprice if the facilitators tried to sell the $5m on market on anything less than a VWAP period of about two months. Or finally a insto placement, this again would drastically reduce the shareprice due to the size of discount needed to entice them. This really makes me think offloading the LPD shares is the favourable option, and I think they have tried to sell off market to one investor. The problem is with corporate advisory services of Bacchus I think the LPD will have the upper hand.