Ann: Second Supplementary Bidder's Statement-FMS.AX, page-42

Hi all, the way I see it is for TIO to accept they do not have the required amount shares now or in the not to distant future to own PIOP or Flinders outright, they could be thinking that to redeem their money already invested it is better to have a joint venture with Flinders and a third party, maybe OCJ, this would reduce their risk and exposure to go into production, the share price would increase massively over time and the value of THEIR shares would then be enough to cover any possible loss they may have now or in the future if we continue down the road they have been taking,( it could easily be that Todd N/Z may intervene to get Tio sorted out) if I were Tio I would try to get as many shares as I could up until the AGM, put in my own people on the board and work from there, having in mind that the whole show is up and running by 2020, of course the only way we as ordinary s/h can benefit from this is to be extremely patient and do not sell your shares, and if possible buy a few more.