linc guidance appendix 5 b, page-6

Hut,

My friend you have posted on more than 20 occasion quoting LNC

" LNC intends to be cash flow positive by December 2012".

The tread is meant to highlight the fact that LNC has made

1) No meaningful reduction on Admin still at $15M

2) And in the guidance for the December quarter has left off the refinancing fees which represent close on $24M.

We were also subjected to the Rubbish Reporting from The AFR stating that OZ companies were accessing cheap funds in the Bond Market.

Factually 12.5 % is hardly cheap and neither is the $20 Million in fees charged by the Bookrunner.
Its really a a complete waste of shareholders funds.
LNC having sold bonds, repaid the facility that was negotiated with Fortress 1 month earlier.I'm not complaining about repaying I am complaining about the reduction in the size of the facility from 120 M to 90 m having also just granted Fortress 5 Million options for free.

LNC is spending like a drunken sailor the strategy to upgrade the oil resources for Ulmat is not based on LNC selling this oil it's merely based on LNC selling the dream to someone else ( us ).
The Junk bond market is so liquid currently we even have companies even borrowing to pay dividends to their investors
I guess its the latest way of up sizing while the market remains unregulated.

I am unable to determine what LNC is spending Alaska I can only refer you to the appendix 5 b in the latest report