Ann: Change in substantial holding, page-7

Fair Point, however the capital markets have been dragged down in last 12 months and the extra exploration offsets that. With nearly an extra 100 million shares on offer since the last takeover offer, dilution needs to be considered to some extent.

A takeover offer below $1 minimum is a joke for the calibre of potash Elemental holds, however with the condition of the market and the trading of ELM over the last year, it seems a potential bidder has the upper hand, as even an offer now of 66c represents nearly a 200% increase.