Ann: Half Yearly Report and Accounts, page-125

Hi Stirer.

With the 10mil of free shares BMCG was just given and their additional ~4mil they held as shown in the latest T40 report. it is going to take some significant interest to work through these shares.

As it is they can still convert the ~US$2.5mil owing from the first Agreement at 9c. It will be interesting to see if they push the SP down lower with their free shares to get a better price for this debt, or if they convert now at 9c. then hold the SP back until they decide they want to take up their US$2.15mil of equity under the second agreement.