Next Placement, page-46

Whisky

Uncharacteristically churlish from you. True some here have been going on and on and on about the THP for over a year which can wear you down!!

I think that the THL has one major drawback and that is leads to uncertainty and the market hates uncertainty. Even if we (the market) simply "think" there's something we don't know it is unsettling. Because the thing we don't know might be bad rather than good. It leads to speculation that for instance "it is way bigger than we have been told" or fear that "the news they are withholding is bad". Whereas in fact what is happening in reality is that the JV is releasing information that they are confident about and each new bit allows them to be more confident (i.e. they said early on they would ONLY be releasing information when they are certain it won't mislead ... with or without any THP).

Having said all that the supposedly "competitive advantage" argument for the THP is in my view wearing a bit thin.

H