Ann: Corporate Governance Statement - 30 June 2018, page-25

Thanks P10,

Agreed with all, but let's not hope we are bought out at 35c with RES-given the time invested I would like to make good money, not fair money. Strangely the UNV board believe it's a good for shareholders from what I am hearing.

There are very few winners in this game of finding lucrative stocks-the odds are stacked against us. So when on one, it would be good to ride it to the end. It sucks to be a UNV shareholder, given their cash-cow now looks to have expired.

As you know RES is tightly held, and the average price of purchase for most shareholders is in the twenties, and given RES has had such a large opportunity cost placed on it due to the time taken for finance. This gives us/me the impression that shareholders (if the time comes) wouldn't vote out, at a such a low return/price. I.e I don't think we are good takeover opportunity in the early days due to the high price that a syndicate would be required to pay. I believe the run-up of the SP is more likely to be our winner, given how tightly held.