Ann: Application for quotation of securities - CHM, page-9

Yes, you are correct, Steini.... I went back through the EGM Notice more thoroughly. My apologies.

While as a general rule conversion of convertible loans is at a preset price, the Lind agreement is flexible in that the preset price is at the time that Lind subscribes for them. They can subscribe for a maximum number of shares a month virtually when it suits them with the possibility of a 10% discount to that price. That's the price the company pays for needing money - or in this case, owing money.

The only saving grace is that CHM has issued Lind more options than fully paids this time around. And, what can we say when shareholders voted in support of the agreement with Lind? Top SH are patient (but also have loads of money).

Another consolation is that when Lind converted subscribed for shares in February this year and got them for 2.2c, it wasn't long before the SP took a bit of a run.