Ann: Appendix 3B, page-2

Now here is a funny thing.

If a company knows its cash flow projections a few months out, like any board with a good CFO would and should, then to raise funds through more share releases when the share price is strong is the ethical thing to do.

So for PPY, when the share price was at a 4-year high last Nov, would have been the time to release these new shares. To wait 5 months until the share price has dropped again from 4 cents to 1 cent would seem to me to serve the interests of the insiders but not the shareholders at large and would clearly contravene the legal obligation of the directors.

Is funny the right word?