nta of 79 cents, page-6

Hi boxhillnorth,

I wrote to Simon Durack again, he's probably sick of me now. Attached is his reply regarding the valuation of Ferrous.

"Recent capital raisings for unlisted stocks are always the first port of call in valuing unlisted stocks, and as you know the last one by Ferrous was in July 2008. However, since then we have had the 2008 Half Year reporting period in which the valuation was subject to an impairment test."

I think the valuation might be a little closer than what we think.

Yes, I did notice the 8m line on RIV. It's probably Talbot back again, we'll soon see if it is.

Regards
P