Top 20 Shareholders, page-744

I am of the same view as @Mas37 and others who believe that not all of the "Citi" shares are held by Regal.

Regal's first substantial shareholder notice was May 2021. Back in the Carpentaria days, Regal held their shares via TS Third Nominees Pty Limited. Those shares were tracked as they were sold down in the same way that the Merrill/Citi shares have been tracked recently.

The post from Mas37 above shows Citi Nominees always holding some shares. I will post images of Top 20's below of Citi holdings shares in February 2021 and April 2021, prior to Regal being involved in any capital raising.

Therefore, I think that there is a reasonable probability that the Citi shares are not all Regal and a possibility that none of the Citi shares are Regal.

However, if I am wrong, then Regal only hold 11.3 million shares. That is not enough to do any price manipulation (and I don't believe they do deliberately manipulate prices, but agree their motivations sometimes seem strange). Even if those shares are Regal and they continue to be dribbled out, they are likely to be gone by the end of the month and if not, will be gone when the Investor Memorandum is released sometime in October.

We also have approx $5million in the bank so will not need to call on any additional funds for some time. Also, since we last called on Regal for some funds, Jeremy Kirkwood has been appointed to the board and given his corporate advisory background, I would be very surprised if we ever called on Regal again.

Therefore, in my mind, I am considering Regal to have sold out completely or if not, to such an extent that they will have little to no impact on the price from here.

Farewell Regal. Thanks for the memories.....