Ann: Share Purchase Plan Results, page-8

Senior Management is more likely to buy shares, or encourage like-minded parties to buy in, then delist WAK when they have the voting power to do that. Then they can be acquired by an international player that is better suited to run with the business, because they have complementary minerals and facilities that would allow WAK's kaolin to be sold in fit-for-purpose blends. This is, IMO, unlikely to happen, but when the Grim Reaper removes the current Management from the scene, the heirs may have different mindsets and priorities.

A variation of that theme is a Joint Venture, which is a continuation of the partners abroad initiative that WAK is already pursuing. This would be my preference. Partnerships of this nature help to access infrastructure without CAPEX. They also boost tonnage, which WAK needs to seduce the powers that be in the rail game to provide rail facilities that would deliver a substantial positive for WAK. It would also give WAK the gravitas to negotiate better sea freight rates, and access to bulk-shipping facilities.

I am just dreaming about a Golden Goose event that I think must happen. When is another matter.