Ann: Appendix 3B-KBL.AX, page-6

I assumed it was another note conversion. However more options issued is good news.

It is clear that when creditors need paying, if cash is short they have no option but to issue a note. I hope management have plans to break this cycle. I await an announcement. A placement with an SPP on the same terms would get my vote.

We hope the KBLGA notes get extended rather than paid out. As a shareholder, I dont want dilution by the noteholders. As a noteholder I want KBL to survive and to get my money back.