Ann: Shareholder Update Bacchus Marsh Upgrades, page-18

I think that pretty fair and don't want to quibble but I think you are double counting with (1) and (2) - the ELF shares are part of the 4.7 billion shares in the tally of issued shares, even though they are not "in the market" as they are locked against trading. If the price in May June next year is above $0.012 or so the ECT shares that were converted from ESIOAs will likely have their loans paid out and likewise for the ESIOBs if the price is above $0.019 or so.

In effect there are more like 3.5 billion tradeable shares (sorry - don't recall the exact number of ELF shares) in the market at the moment as about 1.2 billion are locked. If the share price languishes into the middle of next year the ELF loans will be cancelled and these shares will be resumed by the company and most likely cancelled and the issued shares go to 3.5 billion.

The only way that there will be 4.7 billion tradeable ECTs shares in the market is if the price rises to $0.020 or so in the next six months or so.

GLTAH.