Top 20, page-52

There were 11,528,434 23c "early start" shares allocated 9 May

Also the 3b announcements suggest 820k options converted at 15c (not 100% sure of my addition) in the last three months

That means more than 12 million shares have been added to the register

Anyone reconciled this against the Top20/40?

Have the T20 increased their holdings proportionally? Or sold?

There are something like 40 million 15c options that expire at the strike rate of 15c at the end of 2019.

This means that there are something like 39 million yet to be exercised ??? ... just under $6m at the 15c price.

So supply of shares is not the issue - the price is. The company needs the sp well over 20c to encourage option exercise ... holders of options need cash for this.

Worth watching the T20 holdings as the option expiry date approaches.