Ann: Annual General Meeting, page-27

Months ago when JRVwas at 7c or so, the price of KPO was the main sensitive factor to the changes in Valuation to the share exchange agreement. The seller of PA (Newtons) would like KPO prices to be as high as possible and Lions Bay would prefer the other way. Now that JRV comes to play a bigger part of the Valuation of PA, and the Valuation has exceeded the $3.5m level, to "hold down" the SP of KPO is not going to make much savings of issuing Lions Bay's shares to the Newtons.

In my view, the Share exchange agreement has become less of a conspiracy worry for KPO.