Ann: Placement and Appendix 3B , page-11

I'm holding and in fact bought a few more at 25c today. I had asked for more in the placement but got cut so was prepared to buy on market for a few more. I've done a fair bit of work on VPE and was very close to taking a largish stake last July/Aug. Glad I didn't. I've got my own valuation which I'm happy to share if people are interested. I think the downside is fairly limited now at 25c. If markets imploded again, obviously it gets smashed like everything but given reasonably stable equity markets, I think the downside would be limited to around 21c/22c.