Ann: Annual Report to shareholders, page-7

A general comment - at a loose end with our area heavily effected by rain events and flooding - may as well haunt the HC threads.

Firstly disappointed there haven't been anymore announcements - with so many activities going on and all apparently close to a result.

With the con note maturity date fast approaching (about 18/4 ?) it seems that there are 2 forces at play in regard the SP - Con note holders would want the SP as low as possible (their advantage to collect some cheapies at 25% discount to 5Vwap) - on the other hand the Management should/would want the SP as high as possible to reduce the dilution, which will effect them as well as us.

Who wins the tussle, who has the most ammo at their disposal to achieve their agenda - there are always games at play in *********.

The company needs another income bearing announcement - their ammo - relying on things beyond their control - but would be in some degree of control over the con note maturity situation (forced maturity or maturity).

The con note holders have millions of shares (access to all sorts of trading tools and connections) to play games with and get the SP lower - their ammo - ready to go and within their control.

Not sure who wins - but I'll take a guess at no announcements - lower SP - a win for con note holders - an announcement (income bearing) soon after - the SP rises - and believe that was just a stroke of luck for the con note holders.

One can only wait and see how this plays - however, a good point for a top up maybe around mid April when the need to suppress the SP will expire.

Cheers