Ann: Change in substantial holding, page-7

Always necessary to read the "detail "in these announcements ;ie

#Regal act ( primarily ) for UBS and Credit Suisse ,,and have added net 10 million shares to circa 10%

# trading encompasses 15th month period since end of 2017 , until now ….earlier , they were sellers after participating in capital raisings , and recently they are buyers (less than 600k sold since 1st July 2018 )

# so ….they are selling when price is high(er) and buying back to cover short ( borrowed) stock when the price is low '

# where have they borrowed from ( Aust. Super has to be a primary suspect , whilst Aust . Super accumulates more ???)

# not having a cornerstone Industry ev battery participant is a killer , enabling shorting games to be played

# whilst Regal have made this substantial shareholder Announcement today , there are other overseas entities playing the same game at the same time

As Syrah evolves over the next two years , into an EV ( and vanadium ) TIER1 asset , Regal and other substantial holders will make a killing …..they have just used time and market conditions to perfection .

Even if a takeover offer was to surface ...Regal and Australian Super ..control the bidding and ultimate Acceptance Price !

Board and management can only , in the absence of gathering the support of a 15% cornerstone industry player at a premium to todays price , can only ensure that the day to day operations and strategy continue without hiccups .

But Institutional majority investors ( 75% at a guess ) will control where the Syrah destiny goes from here on in ...and at what price ?

Certainly , Board and management don't have any skin in the game of note , to have a say!

If Australian Super and Regal ( for example ) are willing to trade to an industry player ( a Panasonic or an LG or a Toshiba or a Tesla as examples only ) , for a 50% premium on todays prices , and they are winners and , in the end , are retail investors .

Whats required ...luck and patience !!

Just a pure guess ...based on a combination of gut feeling and frustration .

Anyone else's guess is as good as mine ...looking long term still as a great future investment