Ann: Response to ASX Price Query, page-63

I did a bit of research and found out that Noble was interposed around 2010-11. I have not yet sighted any Financial Statements for Noble. My guess is that Noble was probably interposed due to the difficulty for EDE in obtaining sufficient equity financing for all of their projects. There were shortfalls every time there was a CR.

A basic accounting equation is: Assets minus Liabilities equals Residual Equity. The value of EDE to Noble is not necessarily the same as the value of Noble to Tas. You have to take into account Noble's liabilities. It most probably provided financing to EDE at about 1c per share(or whatever price that EDE raised capital in the past) it holds in EDE in previous years.

Someone on HC needs to do the Maths again to see how much Tas is really worth. Maybe the market has priced TAS correctly but, who knows without sighting Noble's Financial Statements. The question is: how much is Noble worth to TAS and not how much EDE is worth to TAS. You just can't look right through an interposed company (Noble).

Anyway, I bought some TAS @0.55 as long term, someone will probably take out TAS to get EDE.