Ann: Change in substantial holding, page-14

Hi Samboy,

I like your thinking. I am going with about 37% given the number of off market acceptances processed yesterday. She acquired 2.5% of the company through off market acceptances.

You would think if you were going to send back the off market acceptance form, you would ensure it would arrive at the registry at least a day before Friday.

There may be another 4-5% through off market acceptances with say another 2% through on market trades.

It definitely won't be enough to wield full power and have a majority board and that is where FMG's 19.9% would come into play.

What will be extremely beneficial for AGO will be the substantial number of writedowns that occurred especially with regards to Horizon 2 assets because no infrastructure solution was available to get the ore to port would potentially be subject to a considerable writeback as say paying a service fee to either of our two major holders to use their infrastructure may be in play, increasing the equity of the company.



Also there are deferred tax assets that are not on the balance sheet at present because it was deemed unlikely by the auditor that the realisable value of these tax assets would be less than the carrying value. We could see a pretty large increase to our equity in this regard also.