Ann: UCL: Underwriting for $4 million Rights Issu, page-9

re: Ann: UCL: Underwriting for $4 million Rig... With phosphate prices of $150 a tonne, you can guess which project will be in production first. It won't be Aruwurrah or Wonarah: it'll be Meob/Sandpiper, so BON holders will have been ripped off if MAK get us and those phosphate prices persist at that sort of level. Of course it will be a whole different story if Phosphate goes up - yes, then Aruwurrah and Wonarah might get into production first in that scenario.