Ann: Update on Termite Resources-IXR.AX, page-4

This is the good news.

No proceedings have commenced against IMX, and individual proceedings against Directors & Officers are isolated and should not affect the Company. Plus this is covered by the insurance, so it should not incur additional cost (so not too much distractions to those that are still here).

Liquidators could still try to proceed with additional lawsuit against the Company, but they would do it by now if they thought they have any chance to succeed. IMHO they're going after the directors, so they can ultimately avoid the court and settle with the insurer for some smaller amount.

So the bottom line is - nothing can stop the Graphex spin-off process now, and the remaining nickel/gold/etc. that stays with IXR/Indiana now looks much more valuable without the Termite risk calculated in.