pretax profit , page-7

I think half the problem with this new independant persons report is that they eye is drawn to the NPV number straight away and the shock that it is around 30 - 40% of the number that was produced in the BFS in late 2005. People see this number, knee jerk reaction and sell.

Key thing to bear in mind is that this report will be deliberately very conservative as it would appear that the company is attempting to establish a conservative approach to the business and limit the 'rootin tootin pistol shootin' approach of MF. This is evident in the web site for the company where the statement 'deliver outstanding results for our shareholders' has been replaced with 'long term wealth for our shareholders'.

Ultimately the company seems to be getting the fundamental aspects of the business right - mind you that box cut would be a lovely thing to finally put to bed.

I get the feeling that the company will be seeking debt funding instead of equity ... just the way they are positioning the company lends itself to securing debt rather than equity (banks typically like conservative numbers with upside - equity investors typically like a good news story ... such as the punters who were sucked in at 30c a throw)