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re: director sells Hi Kiril,

That is not entirely correct.

FRAID:

On 26/9/02, Fraid held 7.6m shares. Since then, he has purchased (directly, and indirectly, through Danewell), to take his current holdings to ~15.58m shares.


HAKIM:

On 26/9, Hakim held 38.85m shares, bought 23,786 shares on 26/9, and further 10,000 shares on 15/11, to take his current holdings to 38.89m shares.

By and large, Hakim's shareholding in NTG remains relatively stable.


TAWAF:

Tawaf's announcement today shows that he has sold 7.75m shares, including 3.75m shares since 27/12/02.

Before today's announcement, Tawaf held 14.49% of the issued capital of NTG (or 17,389,090 shares). With today's announcement, Tawaf's interest in NTG has been reduced to 7.95% (or 9,639,090 shares), an overall reduction of 7.75m shares (or 6.54%).

It appears that the missing 4.0m shares (not disclosed in today's notice) were sold prior to 26/10 last year, at which time the latest T20 listing for NTG was published.

At that time, Tawaf held 13,389,090 shares, including 10,949,090 directly, and 2,439,600 indirectly (through AHGT Investments Pty Ltd).

Earlier still, the Top20 listing for 2001, published 19/10/01, showed that Tawaf held 14,949,490 shares directly, and 2,439,600 indirectly (through AHGT Investments Pty Ltd).

Today's notice confirms that AHGT continues to hold onto its parcel of 2,439,600 shares, but that Tawaf's direct shareholding in NGT has been reduced to 7,199,490.

So, somewhere in time between 19/10/01, and 26/10/02, Tawaf sold 4.0m shares (held by him directly), of which no separate ASX announcement was made, although the T20 for 2002 reflected this.


SO, WHAT'S HAPPENING?:

One major shareholder /Director is selling down, and has been doing so for some time, not just in the past 3 weeks. Another major shareholder /Director is buying (and is continuing to do so, quite aggressively). A third major shareholder /Director is remaining stable throughout all of these gyrations.

So, what of the Boardroom? To what extent is the crew at NTG settled at this time?

Could there, for example, be disharmony in the Boardroom, or is it possible that Tawaf is merely seeking to exit from the business (ie: a natural evolution, so to speak)? In either case, is this an issue relevant to shareholders?