Ann: Response to Appendix 4C Query, page-4

Of course tonks, totally agree not a quick fix. But the investment case shifts now quite dramatically with this assertion from ADR. The market is forward looking and given we now have a clear statement the directors are NOT considering diluting our holding, the option value is we can wait whilst the turnaround progresses. I'd posit that at $5m market cap, this is a very cheap option indeed. Finally given we are already seeing the first green shoots, it might even surprise to the upside (but that need not be our base case anyway).