re: trading halt- maybe watso has misunderstood At a glance it looks like they have been rolling the book around by extending the forwards to reduce the pain in the calls .
If you have compliant counterparties (banks) you can readily juggle your forwards, but calls are not flexible .From Sept to Dec they increased their forwards by some 210,000 ounces to significantly reduce the calls and have them exercised at a slightly higher price.
It will involve considerable writeoffs at 30/6/06 if gold stays where it is or goes higher. (it would have been worse if they had not done so).
Unfortunately the forward position has increased considerably (they have mortgaged their future).
They don't need any hiccups. Suggest you might consider a less risky gold exposure.
Cheers,TAS
trading halt, page-6
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