Ann: Change of Director's Interest Notice - Peter Skene, page-3

Equally, with the SPP now closed almost a month ago (even after being extended due to the document errors originally made), it is now quite clear that Rowley (who is up for re-election at the AGM) did not take up his SPP entitlement. 3 of 4 directors did even though the original Sep18 ASX comments were suggestive of all directors taking up their maximum entitlements (which was per shareholding, not per person). 

Morrell had one holding and took up his maximum $15,000 entitlement. 

Skene had at least two separate holdings (being at least #3 and #5 in the Top20) and took up 1x entitlement.

Similarly, Hackett had at least 3x separate entitlements (back at the time of the Jimmy crow demerger) being:

*   Jimmy Crow Limited Jimmy Crow Limited - 15,194,507

*   Costine Pty Limited - 1,580,289

*   Fiduciary Pty Limited - 4,590,952

Total  =  21,365,748 back at the time of the de-merger (initial substantial shareholder ASX announcement of 14/9/17. 

Since then however, Hackett has purchased shares on-market, either directly in his own name or within one or more of the above entities. This therefore would have put Hackett at between 3-4x entitlement under the 2018 SPP offer (depending on whether he also held any shares directly in his own name).Under the SPP, he took up $45,000 worth of shares which reflects a 3x entitlement (which is probably what it was). 

At AR18, Rowley held 1,286,000 shares in AHF (under at least a 1x SPP entitlement but has not yet filed a share take-up according to the SPP).

Given this, the summary is:

*  Hackett x3 entitlements. All taken up.

*  Morrell x1 entitlement. All taken up.

*  Skene x2 entitlements (under AR18). 1x taken up, only. Since then however, he has purchased shares on-market.

*  Rowley x1 entitlement (under AR18). No news advised. So, likely not taken up. 

Of potentially 7x entitlements, 5 seem to have been taken up and 2 were not. Since the SPP, Skene has purchased 100,000 shares on market which is slightly less than the 115,385 entitlement that otherwise would have arisen under the SPP.