Ann: PEP 11 Update, page-8

To be honest, I have always had an issue with the ASX imposing NOPTA approval as a pre-condition to re-instatement. It leaves the ASX exposed to litigation in the event that the JA used financial concerns as a reason for refusal. A Catch-22 if you like. I suspect that with the passage of time, the reinstatement of PDF status, the Secret Ministries saga etc that the ASX have softened on that condition and have now waived it. It is inequitble to allow BPH to trade under the exact same scenario yet prevent MMR from doing so. Therefore, IMO, the sole remaining pre-condition is the rights issue, to meet listing rules requirements. Once the prospectus is released, the pathway to re-instatement will be clear.