Ann: Change of Director's Interest Notice, page-4

Change of Directors interest notice lodged today in respect of chairman is interesting because at declares that the purchase on 17/10/17 did not take place of during a "closed period" of trading.

In many respects, this is true, particularly when regard is had to the usual time periods associated with the announcement of half year or annual result.

Other "black out periods" can however also be specified particularly those circumstances where "insider information", or other as yet undisclosed (ie: to the market) information is not yet publicly available.

In circumstances where the strategy update (July 2017) and the cornerstone investor announcement (September 2017) each alluded to various sensitive or confidential discussions or transactions that were on foot but which were not yet at a sufficient enough stage to be market released, one might query whether there is any "current" blackout or closed period in operation particularly given those earlier statements. Or were those earlier statements merely marketing hyperbole? On the basis of today's disclosure and market acquisition interest, it would seem that the hyperbole argument represents a stronger suggestion.

Simply put, if there is no closed period in operation, then its fair to suggest that there are also no market sensitive announcements, transactions or activities presently in progress.