Ann: Appendix 3B , page-2

Happy for these guys to keep converting their notes. It means that no more interest payments due on the outstanding debt which is much better for any future cashflows.

It also creates more certainty for us as there are less notes out there for speculation on conversion time frame.

Sure it creates dilution but the con notes were all issuances that were done to bring us to where we are now - we can't complain about dilutive events that have happened in the past as these notes were issued before the recent price spikes etc.

Only downside for me is if they are converting to sell at market straight away it slows SP momentum. I think one holder referred to it as selfish but that's a little silly - if I was a note holder and saw a chance to make a decent profit at current levels I would do it too. They invested to make a profit not to be altruistic investors who help their fellow man. I would happily do what they are doing in good conscience.