Ann: First Nickel Concentrate from Avebury, page-332

Of course this is completely different from a simple approval to re-list. We will in fact be de-listed. We must go through the same procedure as any new company if it wanted to list on the ASX. We all know those time consuming and tedious procedures. To cut to the chase again, I am not confident about the final outcome. The cash reserves are minimal and it's only inevitable, IMO, that Receivership/Administration will ensue. Hartree have the whip hand and know how this strategy will play out. It will be both legal and to the detriment of retail shareholders. My inkling is that perhaps a large cashed up shareholder is in talks with Hartree and that may be the finance source required to do the deal for equity participation in a private entity controlled by that shareholder and Hartree. That shareholder is indeed a pragmatist and will bend which ever way it blows. Currently the investment theme is renewables and green resources. That shareholder has done remarkably well recently and is cashed up to act. The de-listing will not attract attention and the inevitable transfer of ownership after corporate restructure will just happen as a matter of course. We will get nothing. JL and team will be offered new contracts and incentives (that will outweigh their lost employee shares/options) , work force recruitment will be recharged at pace , the Ni price continues to climb and Hartree satisfied with its off-take arrangements (albeit subject to a haircut required by new partners to cement the deal). In all my years of investing I've never seen a more vulnerable position for retail shareholders as we find ourselves. There is no one to blame other than our own naivety and greed in thinking sovereign risk didn't exist in Myanmar. IMO JL and the team have done everything they could under the circumstances and at the end of the day it's only natural that they look after their own interests. I think of John Lamb as a sort of corporate Houdini, he has been entertaining and has managed the twist and turns and eventually comes out as a winner, for himself (no angst intended, just fact).