Ann: Kimberley Mining Seed Capital Raising Update, page-17

Virtually every company that I am involved with both on the ASX and privately has discounted seed for the risks involved. The KML structure is very modest in my experience.

MCT Management tried everything to get the bigger players across the line - Minmetals etc...
It is MCT Managements initiative to have found a way forward - the North American strategy is a great one IMO as it puts Admiral Bay in the right jurisdiction where we can go the next step. Remembering that Matt and the team got an excellent valuation and deal for the asset. It isn't their fault that the Australian market has not factored the valuation in.

I am guessing that once the IPO firms up, we will see the "arbitrage" narrow and MCT shares rise. Hard to see MCT shares in doldrums for too long if KML firing.

Management has been travelling the world to find a solution to development of AB and rather than being potentially held to ransom by one foreign partner, Chinese or otherwise, it will have a broad range of investors and broking groups who are motivated to get the SP up.

Six months ago we had a serious challenge with Admiral Bay, now we have a way forward to the largest undeveloped zinc play in the world - listing on one of the most zinc friendly bourses and with 40% of an asset that will have a lot of cash to develop the next stage. And so will MCT.

IMO we should be fair and vote the resolutions through. MCT has a very good chance now re this structure to realise great returns and IMO the incentive structure is very fair and deserved.