Ann: Correction December Quarterly - Cashflow Re, page-33

re: Ann: Correction December Quarterly - Cas... I understand from the 23rd Dec announcement that if the notice of retention is not received by 5pm the shares will be sold on market (probably Tuesday) and proceeds will be sent to the holder.

In my opinion the current buy orders in the .009 and 0.008 are sufficient to clean these up and the avg price based on what we can see could be around 0.0085. Its a guess based on the numbers at hand and considering the detail given in the annual accounts.

The volume of unmarketable cannot be 50m because there were only 33m sub 100k in June which included 253 holders not unmarketable in December. Assuming these had $500 in December and price was .004 28th June that gives 29m marketable and therefore around 5m unmarketable.

The key summary in the 23rd December is:

ASX Listing Rules and the Company’s Constitution empower the Company to sell the security holdings of any member who holds less than a marketable parcel of securities(“Minority Member”) provided the Minority Member has:
a) been issued with an Elimination Notice and Notice of Retention; and
b) not returned their Notice of Retention by 5:00pm on 10 February 2014 (“Retention
Date”).
Grand Gulf is entitled to sell on the shareholders behalf, an unmarketable parcel of shares in the Company.

This is my take only based on information given and stand to be corrected if my interpretation is incorrect.

GLTA