o.k. i spoke to gavin

Rightio, I spoke to Gavin Lockyer this morning and tried to jot down a few things whilst I was talking, see girls, we can multi task. Will type fast so pardon spelling grammar & mistakes etc.

Firstly, this whole process has taken a lot longer than they expected mainly due to the fact it is a demerger and not an IPO. If it was a "simple IPO" like EME, UTO, UNX etc, things would have been completed ages ago, but they did not want to go down that path but rather keep the whole process in house and available to existing shareholders only.

They needed to do a thorough due diligence on the prospectus before going through things with ASX and ASIC. Due to the booming WA mining industry atm they had trouble sourcing independant valuers, so the Tech Valuation reports held things up for a while, hence DD was delayed etc etc. Also due to complex ASX/ASIC issues with the demerger process they wanted to make sure the prospectus was as complete as it could be before letting ASX/ASIC peruse it. ASX/ASIC have also taken there time in giving things the OK, so some of the timing issues were not at their control.

Part of the delay was working out how to treat Shareholders and Option holders evenly, which ARU have treated as a very important issue. ( Stuff the oppie holders I say... JOKE). They needed to sort out fair value in strike price adjustments, put submissions to ASX and again wait for responses etc etc.

We will probably still need to wait a couple of weeks before final prospectus and AGM dates are announced but he did tell me an AGM date that I wont state here, in case it changes, but will just say last week of November for those that want to book flights. You'll have plenty of notice. Prospectus will go to printers late next week, with ann to ASX in next 2 weeks. There are approximately 13 resolutions that we will need to vote on, the Prospectus is around 60 pages long and the ann to ASX re AGM is over 30 pages long in itself, so they have been busy. Hope they can type faster than me.

They are still looking to compliance list NuPower in December and due to the nature of the Prospectus and the DD already done on it it will already have ASX/ASIC approval, hence once the shareholders approve all resolutions at the AGM the rest will be a formality and it should be compliance listed within weeks so the work that is currently being done and has been done is stuff that we will not have to wait for after shareholder approval...

OK, that was most of the demerger stuff, did mention A.S (whom I have knick named the Prince of Power Point) hefty wage rise, and Gavin mentioned it was still underpaid for similar positions in WA mining industry, so lets hope he delivers, proof will be evident in next 12 months. He is currently doing the rounds with broker presentations, so lets hope he hits the right one soon thta will pick up the slack.

I asked if there was anyone on the books that had actually dug stuff out of the ground before and sold it, answer was no, so that needs to be rectied too.

Currently resource drilling Nolans to find the feed and still on time for pilot plant. Kalmsy can clarify what that means.

Still working through j.v. agreements with LAM, wasn't sure on how LAM's drilling was progressing.

ANSTO feasability still happening, and is a continual process.

They are aware of share price sliding, however is out of their control, hence AS doing the rounds.

Gavin loves his red wine especially the Rockfords Basket Press which is made just around the corner from me, so he has expensive taste, lets hope he also has good taste with regards to the management he works for too.

.... and thats about it, Pirra says its a game of patience and someone elses tag was The stockmarket is a transfer of wealth from the impatient to the patient, so I'll continue to accumulate and look forward to Christmas time when all should be alot more clearer.

Cheers TCG