Ann: Becoming a substantial holder from FNT , page-31

re: Ann: QRL: Becoming a substantial holder f... I'd agree with that assessment.

Not sure if this is exactly right...

But I'm pretty sure I very roughly calculated approx 8 million had been raised and spent on Tas tenements over the years.

Approx 50% of our present market cap.

Spinning it off into Torque (Talk) as was originally proposed reduces FNT holders exposure to the Tas "assets" to about 10% from presently 100%

In exchange for shares in Talk - who will no doubt at some point need to raise further cash to continue exploration and dilute that 10% even further.

I made my feelings known about this at the time, when others were saying how great it was...

Promotion of Talk could easily come under Admin in the annual financial statement... Last qtr was approx 100k more than the next qtr.

8.6 million loss for the year ended 30/6/12

Not a bad effort for a co with a mkt cap sub 20m

PS: SPP's are used when Sophs aren't interested.