Ann: Response to Media Speculation, page-30

Just to put where we are (at $3.03 per share) into perspective, GXY is not yet trading at a market cap equivalent to the SDV discounted valuation (using a 10% discount rate and value of US$1.043 billion).

That's just like saying you can buy SDV really cheaply and we'll through in JB and MC for nothing..... and by the way, MC is generating US$100m+ a year of free cashflows.

I think we are in for a bit of a re-rate............. just my opinion.