Ann: Appendix 3B-ADO.AX, page-36

Sorry for my late reply, I currently travel overseas.


First of all, going back to the original Bergen agreement announcement, it was made clear that the deal only ' potentially ' avoids share dilution at then ' current ' levels.
What entities overseas decide in achieving higher amount of shares for their support is another issue.
In my humble opinion, Bergen and associates have pushed the price lower in order to be issued more shares for their money they provided for Anteo.
This is quite common practice and nothing to do with ADO Management.

In short, Bergen gets a larger part of the register if price is subdued during specified periods for determining the price for conversion.
Once we would know whether Anteo decided to draw on further convertible notes we could, with some clarity, expect short term higher prices.


In my personal opinion, I do not expect additional tranches of convertible notes at current price levels due to wording in the agreement, that Bergen MAY invest a further 4.5 mil with both parties consent.
That to me translates that we only expect such steps if our ' expected ' timeline of announcements would be altered and we would face severe delays.
It is, as I see it, a safety net if things go wrong.
If things would proceed according to plan, the announcments for Diasource and energy related news should propel price from second half in 2016 to mid 2017 when I expect a large pump in price to allow Bergen to exit with their issued roughly 60 mil Shares.

All this in my opinion.