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Gday $$$$$$$

Previously you indicated that in your eyes GWR should be in a 7 to 8 ratio to that of FAS.(my conversion)

Is that worked out simply by the % that FAS has in GWR?

At the GWR low recently of $1.50 FAS were trading at a significant discount to that ratio.

You said you were buying more GWR.

Was there not more value in FAS at 0.13 or is other factors like PMM interest in GWR that has influenced you to take a stronger position in GWR to help fight them off?

Do you think there is something around the corner for FAS that does not involve Sea Lake?

Cheers Bukka