Ann: Equity Raising Investor Presentation, page-54

The insto component was way overs as I understand, as it should be at the 22c price. I dont know what the house (Argonaut) took. Its the A$7m in new stock that stinks. If you are going to give cheap stock out to new instos then at least make the ex entitlement date a week after the resumption of trading (brefore 3b on insto component) so the little guys can at least tipple some stock out to wash the bad taste out of the mouth and not have to put fresh capital in. It does appear fresh money is coming in this morning so thats great.

When its all said and done, its a stinky deal, but one that is necessary, although none of us new that. IMO it raises massive red flags about the boards disclosure about the cost over runs. Given Ian bought 1,319,231 on mkt @ 0.35c on the 12th Oct 17, you could say the cost over runs have eventuated between now and then, which is to be expected, but its the non disclosure of these material cost increases that are price sensitive in nature which is bouncing around in my head. These dont come up over night and I hate to say it raises questions about the boards integrity, justified or not.

I have been in PNL since day dot and feel sick to my stomach about this. If The board actually read the ramblings on this forum then I would implore you to have a think about this. You are a seven man board, three Exec, four Non Exec. We as shareholders empower you to act in the best interest of us as a collective.

Question. "Why was final sign off on the debt not completed prior to the start of production"?

Question. "How do you ALLOW Macbank to dictate late material changes to the debt facilitate, which is material to the completion of construction and the working capital requirements of that very facility?"


Question. "In light of your response above, why was an alternative source of funding not sort given the size, experience and connections of the board given the final sign off of the current debt facility was not completed"?

At the end of the day, when all is said and done it comes down to one thing, Trust.

Its very hard to earn it. Its very easy to lose it and even harder to regain it.

Question. "As a collective board which of the above would you think encapsulates shareholders current view of you given the popular grove construction updates announced to the mkt since 8th August 2017, and 17th May 2018 (trading halt) and the accompany company presentation containing material changes, (Costs, construction delays, material changes required from debt provider)?"