Ann: Appendix 3B, page-16

"Hedging – a snapshot
The remuneration of top executives typically includes a performance-based component of options or performance rights which can be vested once certain performance criteria are met. These aspects of executive pay are considered ‘at risk’ and are designed to reward executives in line with corporate performance and shareholder return.
A number of investment banks are selling sophisticated derivative products to enable executives to minimise the risk of price fluctuations of these ‘at risk’ securities and to ensure executives profit from the performance-based components of their remuneration packages regardless of whether or not they have met the performance criteria."

I am NOT suggesting that it is LIKELY that directors will be selling or hedging the 28mill, but it's possible.

I AM suggesting it's likely that the other 15mill will be.

The total effectual quantity of multi-bag share "equivalents" CURRENTLY is 42.4. My last thoughts on the matter. You are free to repeat yourself again,