Ann: Managing Director's Letter to Shareholders, page-13

I have no idea why someone not in with the managing clique would top up at 3c on the CR when they can do so at 2.5c in the market - unless the volume they want will shift the market. Geez - I wouldn't be investing big in the the CNJ guys on track record - talk about high risk! The CNJ Board are either at a loss how to stem the SP plumet or happy to see it happen - not a good story either way. At least at BAR we have a gold hedge and a board that appears to be fairly prudent money managers. I suspect most of their problem is CNJ are not performing their side of the JV bargain and instability over there infects our SP and puts us at a disadvantage when we will inevitably have to deal with Creasy. The only sensible thing to do is merge or spin off to combine the holdings - but don't tell me egos and hanging on to board positions and fees doesn't get in the way of that!!