Ann: Change of Director's Interest Notice , page-16

Spoke to company yesterday. What i learnt is:-

1. Brian sold down as he needed the money, and will be converting his options with that money in the coming weeks as he couldnt afford to without selling any. He needed other money for personal reasons. The timing of the change just happened to be a day before the market collapsed which was just one of those things.

2. TS says the IPO will be in November (I originally saw quoted sept/oct) so it seems to have slipped a little.

3. 4 brokers are vying for the listing and they are currently deciding who to go with.

4. TS says he is extremely confident in things progressing and thats why he converted his $1.24 m options.

Still wouldnt surprise me if this is a smokescreen and theres actually an offer being hammered out unrelated to the IPO but will see how it unfolds....

Kasp