Ann: Appendix 3B, page-8

Likely that the options that have been exercised were done so early in the year, when the SP was up closer to 10c.

Most will wait till just before the end of the option period before exercising (or not) depending on where the SP sits at that point.

In order for the SP to be appealing to the option holders there needs to be more daily volume - simply not enough money being injected into JAT atm with daily averages falling below 1 million share traded.

Something needs to move the needle - hopefully that is the quarterly report and upcoming deals springing from CIIE.

I don't think a CR will occur at this stage, pending an uptick in SP prior to 31 November that sees more options converted just before expiry.

On a side note, great to have confirmation of a controlling stake in ANMA - good job management!