Ann: Quarterly Activities Report, page-85

Hi Valin,
I suggest we are quite cheap now as interest rates are very low, the alternative, money in the bank is earning bugger all, and given PEX will jump easily from 15c to 30-40c given a decent buy order, and or more good news of any significance.
In chat with Rob he made it very clear that dilution (printing shares) is not especially acceptable, as maintaining a tight shareholding is very important to Peel, and it's main shareholders. I agree wholeheartedly. The director's have done this successfully before to ensure that our net asset backing per share remains high.
He told me the story of selling his Dalrymple shares the day before they took off, so he could contribute to buy a new home..so I suggest there is much unfinished business in his very great desire to succeed with Peel, and yes I guess many of us can relate to that sort of scenario;occurrence!!.
I hope to attend RIU tomorrow and learn a little more of general efforts, explorative!!.
Best to all long term holders for an exciting 2016, despite the hiatus in some metal prices at present.
SARG