Ann: Brief Update , page-93

Obviously I didnt know it was going to happen, but I did forecast it for reasons previously mentioned.

Its what I do: identify the steps to achieve an objective, capture the risks to this being achieved, understand the mitigation, and forecast the results/outputs. And on this particular item it has come to fruition.

I dont expect people to read my comments but I do wonder if people read them, as it appears as though some are surprised at timing/likelihood/purpose of the CR. I've floated the idea for at least 2 months now with strong analytical reasons for it.

I feel like I am on my own here, having a contrarian view, but again, I am very happy this has eventuated. Like the CF JV situation we now have clarity in terms of funding position. As at today's time/date, I now have certainty around 'X' being funded. Which is the next tick in the box. Whatever 'X' is, we will find out in the coming days but its pleasing to know that it will be funded and we are not waiting on conclusion of CF sale.

The other benefit to the CR is the prospect of introducing new investors to the register. Yes it could result in a pump and dump, but if we get the right SIs, that wont happen. This is exactly what the company doesnt want - more DT type behaviour. All this aside, at least we will have the funds to progress 'X'.

I am thinking back to 2007-2008 when I wouldnt touch this stock due to the people specifically in management positions at the time (not mentioning their name as almost got removed from HC last time I mentioned - they would raise capital every 4-6 months.

Now, we have credible people with the right connections and understandings and its the first CR they have done since taking over. I tell you what, this is a very hard crowd/investor base to please. But, I repect that, everyone has their own view.