Ann: Engineering firm engaged for Vanadium Electrolyte production, page-42

The fixed EPC conditions being vastly different from only a few years ago is correct, it is encouraging to see SMS still keen to work around this. Also interesting are your views regarding the funding opportunities you have outlined - hopefully our tier 1 partners are on it.

Regarding the sitting on other boards, remuneration etc;

I do find it slightly disturbing that the MD and chairman both are now on other boards. I agree it may be more of a 'bad look' than anything but it doesn't sit well with me. I would think being on the cusp of development/commercialization etc that this would be the most busy time for TNG.

The main difference with TRT I believe was that it's a demerger of TNG in which TNG still owned ~30% of TRT. It's contradictory when PB later announced he was leaving the TRT board to 'focus on Mt Peake'. Now he returns to sit on the board of a totally separate company run by an ex director who was pretty much voted out because of his poor performance.

'Grand Chairman Elkington' is a good one mate.