Ann: Shareholder Newsletter - March Quarter Activ, page-22

re: Ann: Shareholder Newsletter - March Quart... JGPM

I do not agree that 53 cents is a good price and I would be very surprised if our directors entertained it. The reason for this is a sum of parts analysis of WCL reveals it is worth 80c or more based on conservative metrics for the asset value of reserves

THe market is saying that global markets are falling on the Euro debacle, nothing more, nothing less. Weak hands are selling in this climate and fortunately New Hope, Karrol, Mitchell et al are not weak hands.