Ann: Corporate Presentation, page-30

Borrowed shares don't appear to be an issue here although I must admit I don't normally look at this data so I could be misinterpreting it.

I think we're still in the process of turning over our retail shareholder register which has been more traders historically (or at least since the exclusivity agreement was signed). The new shareholders that will be investing will be long-term focused who will be thinking of holding on until production. Traders look for catalyst events which likely won't come in this quarter (material ones anyways).