Ann: Appendix 3B, page-5

Ok that's it , its done and dusted, we are set!

This is not about 45k in the kitty this is about management converting some of their options about 8 months early.

This has been steadily happening over the last few weeks.

Folks, if we are the subject of a takeover approach there is no point having options so the more options we see converted the greater the chance that there will be "corporate activity" after our JORC.

When I say takeover to be clear not hostile obviously, but as part of an agreed approach,

If anyone needs reminding the market price has been set by POSCO buying part of our neighbour GXY for around $400m AUD. Meanwhile we are about a 60ishm market cap.

When you buy a house you look at comparables next door and our comparable is around $400m.

Its not that hard is it?