HRZ's liquidity position.

Following part monetizing of Menzies(KWR/HRZ) our cash/investments ** position may be
summarised as follows:
(** ASX listed coys):
Cash on hand $5.10m-ann.Aug.'19
Cash ex KWR $1.75m ($0.75m paid-$1m expected Sept.quarter).
sub total $6.85m
KWR shares
20m @ cmv 24c $4.80m
RWD shares $0.60m-ann. Aug.'19.
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sub total $12.25m(will be reduced in 18 mths time).

Plus-18mths cash $ 1.625m
KWR shares:
10.833m ^^ $ 2.600m
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Total $16.475m
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^^ have assumed KWR shares maintain(at least) their cmv of 24c per share.
Also note the cash/shares due in 18 mths are aligned to monies due for the Coolgardie
Gold Project/FML as per the announcement.

NB- Shares in KWR/RWD don't appear to be escrowed so can be sold however
would need to be very gradual to avoid collapsing the SPs.
Whilst personally would have liked to retain Menzies I can somewhat see that the 131 km
distance from. Kalg. to Menzies would be one of the factors in HRZ's decision to sell.
Also shares are easier to liquidate than mining.
Time will tell whether it was the right decision.