Ann: Appendix 3Y Warburton, page-15

Nearly all the directors buying recently, and some in quite substantial amounts.

This usually gives confidence to investors, as it should here.

It makes me wonder if something else is also happening behind the scenes, like M&A, or announcements on dividends recommencing, or something else. Dividends would be nice, and very welcome. This used to pay very good dividends many years ago.

Anyway, these guys have done a ton of hard work over the last couple of years, and they have been a great success, so no-one should now begrudge them time to sit back and enjoy their achievements, and be rewarded for their efforts.

Still a way to run in my opinion, because broker consensus currently has fair value at around 41 cents, which is probably also undervalued, depending on the upcoming production.

I think this is the third time in 10 years that I have been heavily invested in this stock. Once again, my average price is around 15 cents. On both previous occasions I made some good dividends, and a very healthy profit on exiting, and it looks like repeating here again. It's been a good stock for me.

Gw