Ann: Becoming a substantial holder, page-27

Hi Karma.

Yes Mr Hall briefly touched the 5% threshold on the 25th June 2020 when you obtained that shareholder report. But you have to remember that the total SOI at this moment only included the shares issued to placement holders from the June CR and at this point did not include the 50+ Million shares that were eventually issued to retail holders on the 10th July. So for a week or two he had around 5% but then dropped back to 4.5% approx after us retail holders had our shares issued. Hence why no previous "substantial" shareholder disclosure made.

But that has all changed and he does now have more than 5%.That's my take on it but it doesn't really matter does it? He's obviously a big supporter of TSO and that's the main thing.

Secondly, it absolutely is a trust....