Ann: Diggers and Dealers Presentation, page-17

Just a follow-on to my saying I would watch the Ramelius presentation. Whatever was ailing Mark Zeptner at certain times last year seems to have passed as in his D&D presentation he was back in good form and good humour, Zesty Zeptner (good luck to him). The other side of that is that I did think he gave the Disney version of what lies ahead: no talk of the future of Edna May, what they intend to do with Checkers, and how and when they will monetise Rebecca. Is the parking of Hill 50 a surprise? I thought they had already parked the underground at Eridanus but it is now back active (or am I confusing with the Eridanus deeps?) . But anyway, bright and breezy suits me at the moment.

Just something MZ said about six acquisitions in six years, I wondered how dilutive has it been for existing shareholders. From the AGM presentation in November 2017 there were 526m issued RMS shares at 38 cents a pop for a market cap of $200m. Currently, not taking into account the dilutive effects of the Musgrave acquisition, there are now 991m issued shares at $1.26 a pop for a market cap of $1.3b. So about a 90% dilution for long term holders in a bit less than 6 years but with the share price up by more than three times. Seems like it has been a profitable strategy for Ramelius and its share base.