Ann: Ceasing to be a substantial holder -J. P. Mo, page-14

re: Ann: Ceasing to be a substantial holder -... I was annoyed that the "faceless" investors delayed putting up the cash, but it doesn't concern me that they are "faceless".

My view is that we will receive the funds at some point. Whether those who stump of the cash have a face or not doesn't bother me - cash is cash.

At the end of the day, this is all about securing the offtake. If we structured the agreements properly and ensured the offtake wasn't granted until tranche 4 is paid, then the "faceless" investors have no choice but to cough up.

If, for some reason, they think they have already secured the offtake as a result of tranche 2 or 3, then this becomes a bit more difficult. At the end of the day though, if the project doesn't go ahead then there is no offtake, so I expect them to cough up anyway. The only difference is that there may be delays as it is worked through and given we are not desperate for the cash just yet, it makes sense that we don't try and enforce it too hard just yet.

All in all, I hope we receive it soon just to set the market at ease, but I am confident it will come eventually.