Ann: Section 708A Notice and Appendix 3B, page-2

Not many close followers of HFR would have spent time with this Appendix 3B issued 26 June.

It shows 50,000 options being exercised @ 75c ahead of 30 June expiry. No big deal - the holder would have done better to buy on market, but hey.

It also shows 3,100,000 @ 75c expiring 30/6/18, 750,000 $1.00 expiring 30/6/18, and 4,000,000 @ 1.25c expiring 30/6/18. These 7,850,000 options have all now expired.

Then there is another 9,500,000 @75 expiring 11/9/18, which will probably also be out of the money.

So, holders aren't diluted, and HFR misses out on $8m in fresh equity, with another $7.1m possible 11/9/18.

If HFR shareholders are gritting their teeth over this price weakness and endless delay, imagine how those option-holders feel!

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Today I bought another parcel at 68c. I think this is the bottom. Time will tell if I am genuinely prescient or just another mug punter.

Ash