Yes gassed, I feel for them, a couple of weeks back I wrote the...

Yes gassed, I feel for them, a couple of weeks back I wrote the following:

Sorry to see you sell-down half your holding. You have been a loyal shareholder for some time now.

You maybe right re your views on a CR, and in a few weeks we will know for sure.

With the greatest of respect, I disagree with your views, since management have most to loose through dilution, largely Stephen Bizzell personally.



As at 30 June 2017, Management own 1,443,668,638 shares or 47.17%

Paul Marshall and Vaughan Wishart would not have bought 37,588,208 share (circa $130k), on-market, to then be subject to dilution by a CR.

My view is, this close to production, Stephen Bizzell will continue to support the company through his $2mil loan facility. As at the 30 June 2017 balance date the outstanding balance on the loan facility was $368,620 (including interest paid - $14,620).

The interest rate on the loan is 10%, which is far greater than normal commercial rates. Mr Bizzell is indeed rewarded for his risk.

We can't both be right, but I do respect your views and subsequent actions.

All the best,