Ann: Appendix 2A, page-18

On the one hand, 150m new shares undoubtedly looks like a headwind, Mickant, but by the same token, one might reckon much of the selling to have been done already - precisiely to exercise the options.

Then, too, erstwhile holders of options are presumably more likely to be 'sophisticated investors' (for what that's worth), and the PIL story and it's possibilities thoroughly known to them.

In general, the point that has been widely made round here that so many shares have exchanged hands already since Peppermint's re-listing, at an average solidly above 3c, shoud provide a floor.

It'd seem crazy to sell now, when some profit has obviously already been taken (share sales to exercise options), with the PIL story so patently pregnant with opportunity, and the Company's market cap (including the new shares) is less than $50m.

By comparison, other BNPL juniors:

FFG - $93.9m
CRO - $173.4m
IOU - $212.2m

(And please note - I am just making an observation about relative valuation. I am not advocating clubbing someone else's share price. It is a false view that speculative investment is a zero-sum game. So it's quite possible to hold all of the above and see tham all rise.

Whether it's from the recovery of valuable minerals, producing widjets, or providing services - cumulative value can accrete - and that's how the stock indices grow.)