Ann: Becoming a substantial holder, page-20

Its no from the push through into 2nd Tranche. An extra 2187500 takes SOI up to 61234185 as part of extra shares taken into 2nd tranche which makes holding be 5.1% and not current 5.12%. If we look at entire amount it would be 615731685 SOI and 5.08% of shares on issue not taking into account options that were announced this afternoon being exercised. I suspect other party is under the threshold and probably put in $4,800,000 as JS indicated these two NA funds made up to close on $10m and for the 31.25M Franklin got in on they paid $5m @16c a share. They'll soon drop off as a Significant Shareholder as more options get exercised before the end of next month, so don't be surprised when a ceasing to be substantial shareholder form get submitted. This will simply be due to dilution as more shares come on issue.