Ann: Salary Sacrifice Scheme , page-11

Reichman--you have some valid questions.

It may help reading Peninsula Energy Ltd PEN --ASX announcment dated 28 AUG.2013.

I understood that they get shares in lieu of wages to help retain cash. Downside is dilution but so would a CR at these depressed prices.The company is between a 'rock and a hard place', at least and attempt to conserve precious cash is being implemented.

Perhaps the management do see light at the end of the tunnel--us share-holders would dearly love to see some too.!!

It's hard staying optimistic.

Good luck-----Cham