Ann: Update on Ibaera Offer and Board Changes, page-7

Sold my 4M yesterday. Spoke to Mr Stone. He said that Ibaera were very reluctant to even go to 3.3 but did so to
get the directors to sell their shares and achieve their recommendation. He said that Teranga (CA:tgz) showed some interest last
year and had a close look but decided not to proceed. He said there was no prospective alternative bidder that they could
identify and that 3.3 was realistically the best offer they could achieve in the current market.

I've got a number of other holdings with better prospects. Most recently DCN was a beauty - I hope some of you got onto that
one.

All the best