Ann: Appendix 3Y - Andrew Seaton, page-78

Wot, this is a serious matter. Let's put aside the banter for a while.

I have no evidence to dispute your expectation regarding rerate or takeover; you might be proved correct. We wait and see.

However, the application of this exemption to the norm, requires clarification to prevent speculation. As I said it is a serious matter.

As for having a cashflow problem, I cannot accept this premise without some sort of clarification. There is no obvious conclusion for this action.

There are so many ways for a man of such statue to borrow a few hundred thousand dollars for a very short period of time.

Perhaps STX shares are not considered acceptable security.

You can wear it if you like, but it's up to you and your fellow shareholders as to if or how you react. J L.