Ann: Substantial Shareholder Transaction Update, page-21

My personal thoughts on what could be taking place as to why we haven't heard anything as yet, the following facts outline the actual process of doing an off market transfer with the share registry

On 17th December there was an ASX announcement saying extension until 27th February

On 27th February there has been no extension announced which could suggest the process of transferring stock is occurring which could take the share registry up to 5 working days to complete

Remember, the process is like a house settlement. First step is Minerva transfers the $18 million to a lawyers trust account. Once received, then both the sellers and buyers would sign the off market transfer forms and send original documents to the share registry.

Most share registrys like Computershare require original signed documents in the mail

Once Computershare receive the signed off market transfer forms, they can take up to 5 business days to then complete the change of registration details from seller to buyer.

Only once the share registry had completed the registration details would the lawyer release the funds to the seller to complete the transaction.

So we could be waiting at least another couple of days, but if there was an extension, it should have simply been announced like in the 17th of December.

Who's hoping for a pleasant surprise for once!