Ann: Extension to Voluntary Suspension, page-24

Morning Guys,

Something has gone badly wrong during this CR round in the final process ... or not, depending upon your conspiracy viewpoint.

For me, assuming Directors wanted to get the best result for shareholders, a rights issue would have likely resulted in a lower discount rate based on the momentum that ADT had going into the CR and the just announced receipt of the tenement extensions. Additionally, it would have allowed existing shareholders to participate.

I can't shake the feeling that now it is confirmed that ADT are sitting on a potentially amazing project that mates were given favourable treatment.

For example, I know for a fact that there were Sprott clients lined up with material funds ready to invest (in my case I was waiting with US$200k) for a placement who would have accepted a lessor discount rate than what has transpired.

This view is reinforced by the fact that ADT were sitting on A$6.5m prior to the CR and thus were not negotiating from an inferior position - not to the extent of accepting a 17% discount to the 5 Day VWAP.

It will be interesting the reaction from current shareholders and the market to this materially disappointing outcome.

Silver lining is that those not set prior to the cap raise and were anticipating having to pay up are likely to now have an opportunity to get shares at lower prices than would otherwise be the case.

Cheers
john