Ann: Company Announcement - The Seydel Companies, page-27

Marcellus - I think you'll find any shares in Tartana coming SDVs way will be distributed by SDV to us shareholders as an in specie distribution and we and/or SDV will continue to benefit from the Zeehan operations by way of dividends or whatever. I like your observations on the possibility of Phoenix or Seydel undertaking a strategic investment in SDV - if anything comes from either of these MOUs I can't see the need for any substantial capital expenditure from SDV. It's really just an increase in sales - hopefully HUGE increase