confidentally speaking, page-13

Cowboy there is no real benefit to JT in diluting shareholders as this will drive down his own very large holding, witness the mess of the last placement. As for no risk if Gippsland does not work out JT will lose out the most.

If you want to start some campaign you would do better to forget the options and push for Gippsland directors to suspend some of their pay till after the finance might help stretch things so they do not have to do another placement or could get away with only a smaller placemeinstead, this of course would help their own share holdings as well.

Of course they may have cut things back enough to last without one till finance already.