Ann: Key Project Milestone Achieved & Reports Strong Receipts, page-21

There has been a deal of speculation about the Alto Capital holding, but in the scheme of things this is irrelevant.

Two parcels of shares are more apposite.

The first relates to those who exited convertible notes and took up shares at 3c. Why would they do this ? The only plausible explanation is that they thought that they were unlikely to be paid in December, and are happy to get at least some cash by selling the shares. Logical and illogical at the same time.

The elephant in the room concerns the 26.3 million allocated to Redleaf at 1.9c. Maybe, just maybe, they've scrambled out of 5 million.

We have a situation, then, where there's a large overhang in the market. Tarrant is now underwater, APSEC is hugely underwater, Alto is underwater and Redleaf are imbedded on the ocean floor. Not to mention the shareholder who can't be named.

Not only that, but The Doc wants some of his loan repaid by June 30 with very few bikkies in the Norwood tin.