Ann: Appendix 3B, page-38

Very nice indeed! We now have buyers building at 1.5c - will we see an arvo push in to 1.6-1.8c?

I would also add that IAMOA are still trailing heads by 3-4 pips at these levels, so assuming we don't see a dump they're a nice way to accumulate heads at a reduced value. There are only approx. 2.5M options on offer up to 1.0c, so in the event that the heads start to move quickly they'll be taken out in a flash.

With regards to option conversion, I will be doing this in the coming 2 weeks. As a holder of over 5M IAMOA it is not a decision I have taken lightly, but the upwards momentum of heads, as well as the ~33M recently converted, is certainly helping to ease my decision!

GLTAH.