Ann: Change in Substantial Shareholder Notice, page-8

Indeed "it would be hard to sell a substantial stake" 

Supervised  Investment's form 605 tells us they stopped buying in 06/18 and took 4 months to sell 1%. I'm told they still have more than 2% so have probably sold another 2% since the announcement. Without the enthusiasm of Mr Munro they would not have done nearly as well.

My guess is that the driving force behind the boards decision to kerb cap ex and distribute all the revenue from the pit and the PHES is because "it would be hard to sell a substantial stake"

Once all the cash and franking credits have been distributed there is still the freehold land, exploration licences, infrastructure, plant and the equipment available as a platform to form a JV or raise capital for exploration.

I'm hopeful that a DRIP attached to the June dividend will raise enough capital to fund the push into the Nugent loads that are permitted and ready to go. If that push can find and deliver high grades to keep the plant going raising more capital should not be difficult.

If management want to raise capital from shareholders they will have to start sharing their vision and start telling us more openly about whats happening and whats possible if they were well funded.