Ann: Rights Issue Acceptance Notification , page-37

Thanks Timber, that makes sense with what I looked into as although Calendon producing still early stage with other commercialisation needs so fact further funding required as you allluded to...just wasn't close to early stage prodution volumes etc....yes makes direct ownership not attractive...plus debt financing also less attractive or preferable option as calendon still some time away as you confirmed from cash flow self funding which you confirmeed.

On selling option has to be way to go, getting a independant valuation not too hard...as Frank and co close enough and got background to understand basics of timing to do this. As you outline they need to be in a position wheere this makkes sense ie option can be on sold for at least $1m or more, and can be structured with right buyer that acceptible deal wise to Gram, as yes ORD has right to exercise option.