Ann: Appendix 5B Cashflow Report, page-14

So the rivers of revenue have started to flow as foretold by SW, which brings me to my previous point of why the rush for such huge dilution for the Merlin purchase. I was supportive of the purchase of Mothae and always acknowledged managements achievements in getting it into production on time and on a shoestring budget. I have to admit I was hesitant about the recent expansion, accepted it but felt it could have been delayed until we were in a better financial position. I was also happy to carry out the works at Brooking.

Just like @LifeBeinit the Merlin dilution was a very hard pill to swallow as I'm sure it was for many others. I can understand that sometimes opportunities arise and you have to take the plunge and I could live with the dilution to purchase on that assessment by the company. However I saw no imperative to raise the additional funds and hence the associated dilution for ongoing work at Merlin. Nowhere have I seen it mentioned that it was a condition of sale that such works were required. Surely this could have been delayed until such time as we had some funds in the bank.

Was it just an exercise in giving new entrants a larger slice of the cake. Maybe others more enlightened can comment and quell my cynicism.

Anyway I'm sure the view from the Boardroom window will always be different to the window I view the company through, after all they have more information on hand than I do.

Hoping that this does indeed set a foundation from where we can move forward and start the road to share price recovery.