Philly based on the disclosed Share position and putting to one...

Philly based on the disclosed Share position and putting to one side all options that predate the current placement and rights issue we will end up with 209.1 mill fully paid up shares and 57.6 million options exercisable 30 June 2018. That assumes the second tranche of placement is approved and all rights are taken up. If all options are exercised then total is 266.7 mill fully paid up shares in June 2018. There are in adition 2.3 mill options available to some directors at the same time together with some other options contained within employment contracts.

Currently there are circa 3500 shareholders and the top 20 hold about 40% of current issue which to be clear includes the first tranche of the current placement (19.4 mill) .

A summing everything goes to Co/ plan the top 20 holding will be diluted to circa 20% and we can expect trading paterns to change with increased volume and potentially a dip in SP until there is significant positive anouncement.

The purpose of going through this exercise is raise matters that might effect future trading/ accumulation strategies. Would like to hear the view of others.

All things coming together there will be 50 mill options exercisable in 2 years available on the market. I'm thinking with an exercise price at twice current SP they will be a give away perhaps .01 cent. They only attract real value after the SP exceedes 18 cents after all. Perhaps another holder can shed some light on this.

This brings in the next consideration with the rights issue at 9 cents and no value in the options it is more prudent to accumulate from the market than take up the rights issue with current SP at 8.6 cents.

Food for thought. Would appreciate some other views.