Ann: New Financing Package, page-82

Yes and agree to what you say about more favourable terms not seen in this finance package. You need to understand that first is about surviving and staying over water and AJM has managed to do that. Also if you read announcment again, it says the company is still talking with financers to refinance on more favourable terms as soon as possible.

Regarding Shanshan, yes there is no announcement on Offtake yet but that doesnt mean its never coming. If they have taken a big stake at 11 c, they must have some sort of plans. It has taken a bit longer than expected, but you do not want to give away the Offtake and product for cheap...as most who are interested in AJM product will try to squeeze the price and future contract as much as they can with current conditions and AJM s current finance position. Now what AJM managment is doing here is they are not giving it away for cheap and hence they are putting theirnown money in to try n survive and wait for sentiment / markets / demand to turnaround. ..We have enough money by loan to survive for a while. I m personally very happy with the package even though I was expecting big positive announcement with low interest n new financers...

Anyways we are in much much much better position, we would easily have been second A40 .....

Lets wait for good times...

All above is IMO

Arjay