Ann: Annual Report to shareholders, page-2

The Annual Report basically tells us what we know, so there is nothing new to to rattle the cage. This may explain the lack of TGA-related activity on the ASX – the SP is not low enough to excite buyers, and not high enough to encourage holders to exit their positions.

Today's turnover of 51,349 shares is the lowest for the past year of 255 trading days, whose average turnover pans out at 407,825 shares per trading day. Only two other days in that time had volumes less than 75,000, and they were both in July 2017 too. The market, it seems, is waiting for catalytic news, and there is no reason to expect such news until the H1FY18 Announcement in the second half of November. The current SP is very close to Morgans's valuation of $1.34.