hello anyone there, page-4

Hi guys,

have been actively selling IBA to buy AEP of late as the NTA discount is very attractive.

Looking at the NTA statements that AEP is putting out each month it would appear that Signature Securities and Baycorp are both making money each month, which is attractive.

I wouldn't be keen to see them sell their IBA as this company appears to be poised for significant growth over the coming few years (read some of the IBA announcements and the Hot Copper discussions about it).

In selling my IBA shares, I have managed to get back a 92% holding in them (indirectly through AEP) and then all the other AEP assets - @ curent price of $1.99 you get $4.65 in what appears to be GOOD QUALITY NTA... this is definately a case of the baby has been thrown out with the bath water...plus a dividend (which IBA don't currently have)

Cheers
John