Ann: Pre-Feasibility Study Further Improves Poochera Economics, page-225

Agreed.

I have held the heads over the past 12 months, and picked up a bigger holding in options within the last 12 months including a chunk that were at ridiculously low prices during the recent broader market dive!

CGT discount territory now applies to the shares (big factor for me given the income I earn from my “day job”) so rather than disrupt that state of affairs - which will likely save a huge amount of tax in due course - I have capitalized on the recent price rise pre-PFS to sell some options (held for fewer than 12 months) to pay for the exercise of the rest. Have fewer total shares than originally hoped for but being able to self-fund conversion of options from the options themselves rather than outlaying more capital has been superb.

I exercised the options so that the CGT discount will already have kicked-in by the time ADN is really hit its stride come mid-2021.

Having no intention of selling anytime soon, I hence respectfully disagree with Dazedandconfused’s assumption that ADNOB conversions are all making their way to market!

Outstanding PFS today. While we are ultimately all here to invest - whether on a short or long-term basis - from my perspective watching the ADN story unfold is like reading a good novel you cannot put down, what a pleasure it is to be on board at this time.

James Marsh and the team are pulling this together in masterful fashion. We are fortunate indeed with this management.

Thank you to the regular contributors here for valuable input over an extended period (not really my skill set to add much of substance in terms of analysis), best wishes to all holders of ADN and all in my humble opinion.