Ann: Appendix 3B, page-9

Personally, I not sure what to read into the small value ($150K) that was converted. There are still 490,150 notes left to convert with 105,000 converted in this instance. As far as I can tell AUL already has the cash for the full three traunches ($1.5M) and these conversions are just processing what is already on the table (hardly news worthy information as the conversion price has already got a floor as noted in previous announcements).

Why not convert the full amount... Don't want to spook the herd? Don't want to bite the hand that feeds it? Just dribbling in some gain as part of the modus operandi... Time will tell. One thing is obvious - there will be more 3B's to announce the remaining conversions and at some point further funds will be required.

Looking forward to some further communication of note re: commissioning progress and results.

Still a screaming buy in my opinion with a mid term view - regardless of the potential short term fluctuations.