Ann: Quarterly Activity Report & Appendix 4C, page-72

IMO there is a limited window while the SP is at this sub-$3 level for holders to easily move from the "10,0001 - 100,000 shares" group to the "Above 100,000 shares" group. Factors impacting movement are time (to accumulate) and affordability (as SP rises).

So as time progresses and SP advances the distribution will gradually move down the holding size groups. I think we will see this initially as gradual decline in % of shares moving into the "Above 100,000 shares" group with parallel (not necessarily proportional) growth in % of shares moving into the "10,0001 - 100,000 shares" group.

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