Ann: Notice of Annual General Meeting/Proxy Form, page-16

The significance of the Dr Treagus loan, and the resolution from the remaining Board members, is not to be under estimated. Essentially, they have now publicly stated, and for the avoidance of any doubt, that the shares will be bought back based on a 5 day VWAP to the value of $1.56M. Assuming the 5 day VWAP is $3, then that's 520k shares of the 2Mil shares which were issued. Thus, he will "free carry" 1.48M shares (~$4.5M at $3) shares in his own name once the buy back is complete. Hence, there can be absolutely no argument if a takeover is made about whether or not he is entitled to the 2mil shares as he hadn't repaid the loan. Further, and here is the tricky piece which I can't seem to find the answer to, the disclosure document refers to the 5 day VWAP during the 5 days ending on the day of the buy back ("the offer"). But no where does it state the start date for the buy back. For all I know, it could be the 5 days post any take over offer. Then he definitely would not be out of pocket, and he would maximise the residual shares post the $1.56M being paid back. But most importantly, there will be absolutely no resource from anyone to his holding. My opinion only, but I am firmly of the belief that a takeover is imminent. DYOR.