Ann: Appendix 4C - quarterly-AJX.AX, page-117

hmmm - lets work on 30 million (10% of 300)

hmmmm - maybe -- it's hard for me to work out because -

yes, you could see trade over a few months of 30 million - but, the trade for months and months and months now - has been mainly churn - with very little net holding.

So - I really have no idea of what would happen if someone just kept the stock off the table that they were buying - rather than putting it back in the mix.

Would a buck fifty do it??????? Don't know.

If I were ????????? ICL or whoever - I would LIKE to grab a blocking stake - but, maybe they don't need it - maybe they already have it defacto ------------------ via Gavin or similar.

A blocking stake is just what it is - a block. It doesn't mean it stops an auction - indeed - it probably makes one more than likely.

Personally - I would grab a block - IF I COULD - but, is it possible here?

I don't know - the register isn't exactly friendly for that sort of thing I suspect.

IMO - the game is about to change dramatically in the next ?????? months - even if we don't list - now the numbers are just beginning to speak.

But, if we do get everything we hear is on the go - then, it's a different animal completely.

Interesting state of play IMO

Pinto