Ann: WAK - Three Year Offtake Agreement Signed, page-30

SWILTD

I decided to edit my earlier list, and shorten it. There is little purpose spoonfeeding detail that is novel to me and HC readers, but old hat to everyone in WAK. My prime intention is to suggest that a Market Update would help to trigger some option money rolling in early to increase the tempo of Stage 2, and bring Stage 3 in earlier.

WAK has circa $20m debt, so that can be reduced early, and increased again if it is needed. There is nothing to be gained by having all the options being delayed until the 11th hour, because it is impossible for Management to to keep the lamp under a bushell long enough for the options to expire, and thus minimise share dilution.