Ann: Sale of Surat Gas Unconditional, page-4

This is a seriously good opportunity as a turnaround play now with more cash than market cap which gives the opportunity for the board to bring in new value adding opportunities. Have been to AGM’s and the plan they had in place was always to bring in new opportunities while accessing the medium term coal assets on the back of Adani’s progress. With 5.1 mill cash the board now has that opportunity to deliver value while also still holding 27% in Utilitas that is making some decent ground in the bio-fuel space. Yes they compromised on the cash from 6.5 to 5.1 mill but they can now move on the opportunities they are accessing. I see this as a low risk play now with huge upside on the right acquisition.