Ann: Placement and Rights Issue, page-183

I said the big picture of the economy is not pretty, DOW up 10% or not. If you think its looking great out there, well i don't know what to say... The GFC was nothing compared to what's happening to the world economy right now and the direction it's headed. PEP11 and BPH don't exist in a vaccuum, they are part of the market and the global economy.

I basically agree with your overall thoughts on PEP11, but i believe getting to the drill is going to be a bit longer in the tooth than you think. Share prices MUST be a hell of a lot higher than they are now to enable a capital raise of $20M unless there's another JV partner with millions to throw in. Whether the distribution goes ahead at MMR or not, raising $20M with BPH, BUY and MMR/Advent at current prices will send their number of shares on issue into orbit and there is never a guarantee that they will be able to raise the amount needed.