Shareholder Adjustments, page-4

I have no problem with Directors selling shares, given the rise in the share price. I have also been selling shares as has Newing, as our portfolios become overweight with Phoslock shares when the share price rises sharply.

However I would note that Directors holdings have fallen by a net 12.5 million shares and 10 million options, as only Shanahan increased her holding (by 300000). So Directors have reduced their interests significantly, though we do not know the relationship of the new Chinese holders to the Director. At least the sales were done by arrangement off market to reduce the impact on share prices.