Water ingress update, page-12

jmb87

The way I read the Notice was that Mr Phillips had retired as a director and was required to give details of his holding at the time of his retirement. There is no suggestion that he sold any shares. Nor can we infer anything about the water problem.

If anything it suggests that he has now reached a stage where, having funded the company for years and having stepped in to sort out the problems, it is now an appropriate time for him to reduce his active involvement.

The two biggest shareholders are Rex Harbour and Bill Phillips. Both of them have been there for years. They go way back and neither is showing signs of selling out of their Kingsrose holdings.

Basically, we are all waiting on the next shareholder update, which is due in late July. Until then it might be best for everyone to practise patience.