Ann: AGM 2017 Presentation, page-7

I totally agree, paying a dividend is neither here nor there and isn’t going to encourage option holders to exercise. The Company tried paying dividends earlier in its life and it didn’t help the stock price. Biggest option holder is John Rubino of Monadelphous he secured by taking a note that has been repaid. Doubt he will exercise given he dumped half his Mono shares to fund a property development. Founders won’t exercise as it will make spread worse and instos are chasing a discount. A Rights Issue after the options expire will give us all a chance to buy more stock and even let Instos mop up the untaken parcels. Fingers crossed.