Ann: Becoming a substantial holder, page-8

I wouldn't be too fussed given the stated % for Zhaojin post placement is just a little bit over 5%. I can see the logic where:

- Effectively advertising we are up for a deal with parties. If Zhaojin (effectively China Inc) is willing to put cash up then this project is viable and on their radar.
- Act of good faith by management, small portion at discounted amount upfront and willingness to endorse and not muck around if a reasonable deal presents itself.

I think we have to remember that the institutional investor is generally more conservative and the opportunity to 2-3x their investment in under a year would generally be regarded as a fantastic outcome, as opposed to us ordinary punters willing to take more risk. Also management aren't able to cash out easily on market and who knows what will happen in this crazy world. The Board is sitting on close to 100m shares and options and you would think that anything close to $1 and they'd be like where do we sign!