Ann: Ceasing to be a substantial holder, page-21

Seems I was not getting the whole picture with my cursory look...............So M Spicer and Bengardi are part of (or under the umbrella of relevant interests re Vulture Fish)....................











See positions 3........7 and 8..........and note initial sub notice shot above......which states Vulture Fish was holder of 7.94%. Now see appendix A from same notice............



So VF sold off 'their' relevant interest recently it would seem but M.B. investments and M.S. investments (both listed on the original sub notice and the new notice) continue to hold there's......

So that's where the "dilution" refereed to comes in I would say as they both hold these interests under the VF umbrella.........that's how I read this.

So at the time of annual report release V.F, M.B.I and M.S.I still held collectively 6.36% as a sub holder, (as I see this), diluted slightly from orig 7.94% due to cap raise at 0.6c and small sales perhaps from VF who went from 38.195mill to 35.675mill............

So until now there was no need to release any change in sub notices................

SO VF were effectively diluted via recent cap raise at 0.65c in respect to the holdings listed under Bengardi and Spicer it would seem............am I getting it right this time............?? Sure hope so........

Not too sure how significant all this in in the long run probably not really I'd say.............but that's me done on the matter as I don't think its all that important.....but I do like to try and get the whole picture of 'happenings' where possible.........if anyone thinks this is barking up the wrong tree then I'd be happy to be corrected.