Ann: Application for quotation of securities - IHL, page-17

Hi all,

Ok, in my opinion, Dr. Sudhanshu Agarwal converting only 20 million of his 200 million options allocation, is very positive, and, it seems to be that my 'gut-feeling' which I will explain below, has come to fruition.

I note that on the 17th of September, 2021, the Company will seek approval from its shareholders for "180 million fully paid ordinary shares", with regard to the Company's proposed IPO and listing on the NASDAQ. When I first saw this figure of, 180 million, I automatically assumed that Dr. Agarwal will in fact not be converting all of his options (yes, different to most of the opinions on HotCopper), and, that the Company would seek to instead issue the outstanding allocation and raise funds (indirectly) via the IPO, or, a further raise down the track at a higher-value price per share than the options exercise price of, .20c. Already, we are looking at an IPO price per share of almost double that of, .20c.

In my opinion, this has been very well planned-out by the Company, and, I note that the 180 million fully paid ordinary shares that the Company wishes to seek approval on, looks far more attractive now. My concerns of dilution are now not a concern at all.

Dr. Agarwal, still has the rest of September 2021, to convert more of the 180 million outstanding options, however, I think this is unlikely, but could happen though.

All in my opinion and speculation, of course. Please do your own research.