Ann: Receipt of Non-Binding Indicative Proposal, page-48

Not sure but I think it was to pay his mortgage. He probably had to fund some money initially to get the projects funded and then withdrew money once CR were successful. I don't think 23 cents will cut it. In saying that what will happen is that he will be given a management position on good salary and options in the new company. That's what I'm more afraid of and below the table offer to management to stick it to ordinary shareholders. However, I think this is likely to occur but not at 23 cents. I think the high 20's and its a possibility. Management will also be thinking the share price of GNX will be in the $0.40 cents region in FY24 and much more once the wind project is finalised. So they also have alot to lose. This will be the calculations they will be doing they won't care about us shareholders.

One other thing in our favour is J Power which nobody has yet mentioned. They are the second largest shareholder. They have alot to gain with the SP increases particularly as they have signed a fixed price contract on the Hydro build. Remember at 20 cents a share. So with inflation being high and costs increasing its eating into their margins. And they would want compensation which won't be offered very easily. They will also make a killing when GNX is 60 cents a share. I think this is probably our security.