Ann: Prospectus, page-2

Just a few points I would add after reading through it all.

FIRSTLY - The purposes of the prospectus given the size is in part to allow the ' On Selling ' of these shares to take place and to ' Lift ' all restrictions which may come attached to them.

SECONDLY - The offer is NOT underwritten , so therefore it must by definition be WELL oversubscribed or potentially oversubscribed with HUGE demand for the take up - ie no need for Underwriter , and therefore no risk of shares falling into the wrong hands and most likely due the way its being handled , shares will end up in the hands of those who want it the most at the higher priced offer. One word then : SMART on their part.

THIRDLY - The offer is being done via an almost defacto ' Book Build ' which closes Thursday - So any downward effect on the SP won't be felt or even adjusted until Friday when it effectively goes ' EX ' offer.

And FOURTHLY - FTS rules stipulate that expenditures must be concluded within a ' Roll Back ' 12 month period aligned with the Canadian Tax Calendar year - otherwise there are interest payments applied to the ' Unspent ' portion as well as a 10% penalty fee applied. However , given that most of the dollars - ie approximately A$30 million of the $54 million has already been spent and eligible from the beginning of Calendar 2022 - 2023 , it is likely they only have to actually incur another approximate A$24 million of renounceable CEE credits to be transferred to the hands of the Investor.

Therefore , if you think about it in terms of actually ' Clawing ' back A$30 million of dollars ALREADY spent with only A$24 odd million left to spend , then its tantamount to putting that $30 million right back into the COH balance and lifting it to potentially A$80 million AT 30th June 2023 .( before Acuity's ATM facility ) .

And so it's important to realize this difference in the monies ' ALREADY ' spent versus what Sahyona is now obliged to spend. And this is a BIG difference to the effect on CASH

That's my take on things at the moment.