Ann: TNG Mount Peake Project - Capital Expenditure Update, page-198

Thanks AB. I can totally empathise with your sentiments.

There is so much pressure on TNG that is and will continue to mount. ASIC is clearly across them and based on my dialogue with them disclosure is a key issue across many aspects. The regulator is doing its job and I believe will force many hands.

In any event, this will not be lost on the CMT when they finally have the Board in shape and whilst resetting the future, the past will not be lost on them nor any inappropriate behaviours that need to be called out.

So whilst the Board actions of this week grind our gears we have regulator action. Let them do their work.

On PBs loan backed shares. Get’s a lot of attention. Simply the company loaned him money to buy the shares outright. They don’t have any vesting rights and do have full voting, dividend and rights to capital attached. The loan is recourse to the shares. So on a termination the loan would need to be repaid - and if out of the money the shares returned. Any shortfall in the value of the shares v the loan would be forgiven. That prima facile has FBT implications for the company which present an additional cost for the company and shareholders.

Pressure is building and CHANGE is undeniably coming. I’m excited and looking forward to our new horizon once the final rotting elements are removed.