Ann: Winmar to seek Dual Listing on London Stock Exchange, page-82

I view the proposed dual listing on the LSE as a positive, in fact an extreme positive to be honest. IMO here's why....

Management have basically taken control back of the situation and the ball once again is firmly in WFE's court, what the ASX has asked the company to do to relist is unprecedented. To say the least the company now will have a stronger financial base with the LSE or a second listing option. Read on further and you will understand my point much more clearly. The single most important focus is immediate cobalt production by relisting and raising funds from instos using the CR for $10M, hold that thought I will come back shortly in more detail to that super important point.

As most are aware the ASX has moved the goals posts at their discretion and can continue to do so without explanation until they declare themselves satisfied. Whatever satisfied means! Just as an example, the plant evaluation guy from METS is absolutely top class on the world scale when really you can get a middle of the range expert with African experience to do the same. The books of our JV partner is another one, as per the December announcement the ASX "did not accept" the AHIC accounts compliant to no less than the "International Financial Reporting Standards". Yes international standards!! 

As it stands today the short list is down to 4 items as per the December announcement and WFE is addressing them one for one. So that should be it and facilitate the final in-principle submission for the green light. I'm confident the ASX will give us the green light but at the end of the day the goal posts have shifted and may shift again. So time is being lost with delays and management have moved to create a more definitive option, which is a powerful complimentary listing as well as an alternative.

So........my earlier point about raising funds and listing so we can start production, at the end of the day that's what it's all about. It really makes no difference is we relist on the ASX with the current $10M CR or we list on the LSE and raise $10M over there, right! Via an LSE Initial IPO, WFE can raise an equivalent of $10M at 2.4c in UK currency. In fact the same instos contributing to the $10M here can put their cash up for the IPO. The shares on the ASX will be equivalent in value. Worse case scenario and we don't relist here our shares are transferred to the LSE listing, I don't think that will happen so this part shouldn't be necessary.

The side benefits of dual listing on the LSE are plenty. The LSE does not have an in-country industry in battery metals to consider so that risk is non existent. Investors and regulators are very familiar with investing in African companies so familiarity is a big positive in terms of routine assessments and listings. The LME is UK based and WFE pricing structure is LME derived. Africa is a hot pot of attention right now for big international investors from UK and Europe pumping millions into African mining opportunities so getting attention is a no brainer. Also visibility on LSE exposes us to US players too.

Which brings me to the most important point for holders and that is trading again. On the LSE be it dual listing or primary, either way it will get WFE trading again by June, only 4 months or so. MOD took around 4 months I believe, someone can check that. So the return to trading vague timeline is now taken out of the ASX's hands. Either we list here or by end of June we list on LSE and away we go producing and making profits. Ultimately SP rerating according to our proper MC as a production company in for many bags I reckon coming our way.

So I am actually pretty stoked with the strategic move by management, it shows they are pro-active and getting on with it using every possible means to get WFE up and producing cobalt in what we feel is a once in a lifetime opportunity to go from shell to what can be a top 10 cobalt producer in the world.

So what ever happens with listing on the LSE, be it primary or dual, current holders will get the same amount of shares at current value over there and you can trade it the same as here on the ASX through the usual platforms that cover the London exchange. I'm pretty sure most of the popular ones like Commsec and Etrade do it. Anyway that's down the track months away. From what I understand we will have a pretty good idea by very early March about relisting on the ASX when these 4 boxes as per the December announcement are ticked and the company's next in-principle application to relist is re-submitted around then.

With reference to managements time and focus. That legal mob Memery Crystal who have been working for us already will practically be doing all the leg work. The prospectus and all these other reviews/assessments have been done as WFE has been basically asked to perform an IPO style relisting anyway. At the end of the day management guide the process and make key decisions while others do the work. So its very little work and not a lot of money. The appropriate funds have been spent on the ASX relisting process. Hence why listing n the LSE will be quite swift.

To me it's a superb move by management and I commend them for taking this initiative to benefit shareholders, either in the short term or the near future on the world stage. The company wants to produce cobalt and copper products for the booming battery sector and this strategic move I consider a master stroke towards a more certain path to destiny!!