Unkown Quantity..., page-6

LAKing, fellow Iron Butterfly fan, I do not expect that you will hear from Carl. BNIKF is not a sponsored trading vehicle which means that Benitec has little to no knowledge of who actually owns these shares. The market makers behind these trades are almost like the nominee companies that are listed as shareholders in BLT. It is really up to the individual BNIKF holders to work out what is best for them.

One BNIKF share is equal to one ordinary share on the ASX, so, after the IPO, if you still own BNIKF you will still own the same number of BLT ordinary shares. If there is still a market for BNIKF, then why convert? If the BNIKF market dwindles away, then that may be a reason to change to the sponsored ADR trading vehicle.

As I understand it, BTEBY is suspended and the ADR's are trading as BTEBD. BTEBD will cease to trade shortly and convert back to BTEBY.

BLT shareholders won't have their shares traded as ADR's. BLT ordinary shares will still be traded on the ASX and so there will be no difference with regard to this.