Ann: Appendix 3Y (Raphael Geminder), page-12

Thanks, William. I suspect you’ll find that the selling today is primarily one holder selling 91,817 shares, which also corresponds with a top 30 account. There was an initial transaction of 23,136 at $0.845 and 68,681 still remaining at $0.845.

Overall it’s very low volumes, which is positive and nothing to be concerned about. Based on the last 3Y, RG still requires well over 8,500,000 shares just to reach 90%.

Even if there is a slight increase in RG's holdings over the remaining three weeks of the offer period it isn't necessarily negative providing his holdings stay below 90%.