Ann: Application for quotation of securities - IHL, page-38

Hi @meghotcop,

I too understand that the remaining unexercised 180 million options are Dr. Agarwal's, and, that he has discretion over them - as I alluded to, he still may convert and I suggest that it's all dependant on his capability to finance/strategy that we are not privy to. I also understand that the use of "up to 180 million fully paid ordinary shares" that the company will seek approval for from its shareholders with regard to the IPO, are/will be "additional script" as you state. I'm sorry if these points were not made clear to you in my initial post, I shouldn't have assumed that everyone would have already understood these.

I would suggest to you that, all will be revealed/made clear to us on the matter in due course. Maybe my speculation is correct, maybe it isn't. However, as it currently stands, I am content with today's announcements from the Company regarding the conversion of options, and I will state again that personally, I find it a positive that Dr. Agarwal did not convert all of his options (understanding that the remainder of his options are still in-play until expiry).

You ask me, "How do you value this company?" - This is a fair question, however, my investment strategy and my understanding of valuation for a speculative stock is complex, and is personal - I'm sorry, I won't assist you with this. You won't find me on HotCopper detailing SP speculation/valuation, however I understand that there may be others that might answer this question for you.

I will disclose, that I did increase my holding in IHL today.

All in my personal opinion only, please do your own research - Best of luck to you, cheers.