origin notes , page-11

Hey Yaq ,

I wonder whether you'd like to provide your opinion on the the potential conversion of the reserves from 2c to 2p because of STO's exposure to the market. All along the talk had been about the size of the resource and the market available to it. Surely once STO takes over ESG the status of the reserves must change. In my opinion , this vastly skews the value of the offer.

I realize you're going for the yes vote and that's fair enough. My query is not really to debate whether this offer is fair or not but I do remember you being an advocate for the valuation of 2c ( or even 3c ) a while back.

Just trying to get my head around this and especially for future reference.