pxa, page-16

A quick note on PXA.

It was set up to leverage off of any CTP potential. It needed to raise money in its second raising to meet it commitments to its JV and then the opportunity came to exit at around 4x and they took it.

It is not a one off for the investors, MPS do this regularly from what I can see and have HE Nuclear in a similar position. That completed a second raise late last year/early this year and given a chance I would expect them to sell this to a bigger player as well.

Good or bad for CTP? Neither really, it is a calculated risk which uses predominately other peoples money.

In regard to comments on other threads on JH, I am disappointed with CTP's directors handling of the last raise and the terms of the CTPO options. As far as I can see it, that showed their confidence in the CTPOAs being able to generate decent returns. When that original announcement came out I was numbed by the corporate side of the equation. I have no such doubts about the overall running and strategy of the company but am always disappointed with companies that have boards looking after themselves with little regard for investors.

If they get this drilling program going in time it may not be an issue but each month lessens the value of CTPOA considerably.