Ann: Managing Director Presentation to AGM, page-71

Yes I agree, the options register would be interesting to see. I don't believe it is an ASX disclosure requirement to keep the market updated, although I have seen other companies include options holdings in their annual reports. NWE did provide a Top 20 option holders as at 29/1/20 when they were first issued. No disclosures that I have seen since.

However, NWE's 2021 Annual Report has a very basic disclosure of 248 holders owning 641.6m options. It is theoretically possible one entity could have 250m options... as I've always thought the options is a good place for someone to accumulate a decent position, off the register, in the shadows as it were, without having to disclose anything.

I just had a quick squiz at NWEOB trading data and I noted 251m options were traded b/w 29/4 to 7/5 this year. MIN started buying NWE on market on 29/4 and then announced on 3rd May that they had "topped up" their holding to 19.8%. Coincidence? Could this be MIN accumulating options as well? Their latest annual report has no disclosures but they probably don't need to... fairly immaterial to them I would have thought.

Anyway lots of theories from me but I like to keep mulling scenarios... and timing itself is quite interesting as the options expire 22nd Jan 2022 and we should be completing LD-1 production flow test just before then...

ps - I've emailed NWE to ask if they can provide the Options Top 20 list. No reason they shouldn't but I'll be puzzled if they don't.