Ann: Becoming a substantial holder, page-15

The issue that seems quite  'unfathomable", is that the holders ( institutions and funds) that have lent their shares to UBS/JPMorgan et al during this prolonged period of shorting , have destroyed the value of their originally lent shares , unless they have averaged down and continuously bought more in this share price downwards spiral over many months .

In return , a "fee "for lending …….and whats more , to enable the Shorting Funds to gain long positions in their own right , and probably put them in a controlling capacity in the Share Registry , where they can "cut a deal" with a party of parties in a merger/acquisition scenario .

Hindsight ( for the lenders ) might be that the Syrah price would only head one way ...upwards !! ...so they would have their cake and eat it too !! Either the delays in ramp up , and delays in the purported urgency of graphite needs …...or more so , the ruthlessness of hedge funds to short aggressively as they can when market circumstances allow …..both cases have been substantially misunderestimated and misunderstood.

Also , a very large problem with Syrah , is that they have not formed a relationship with a cornerstone Investor who is an industry player in one form or another --ie a major car or battery manufacturer …..who would support the price and bring funds and product demand to the table .Perhaps such an animal wasn't there ..or alternatively , Syrah has chosen to be the "market disruptor" in its own right and timing !

Either way --the retail investor has been dragged down the same path with no say in it , other to sell in a market dominated by shorters !

It will be interesting to see what changes are in the Top 20 and TOP 6 shareholders , when the Annual Report comes out for the year ended 31st December 2018 ….as a comparison to the last published Report . The new Report should be out by the end of March .

Much of this information will be smokescreened by Nominees etc ---but some of the contenders benefitting from the shorting will likely be more visible !

Just an assessment and an opinion on the unfolding of a ………….. you chose your own words !