Ann: Half Yearly Financial Results Presentation, page-16

Relax.

Heading into this, known, compared with prior year period:

1) higher gold price which peaked in August, with currency headwinds
2) lower ounces sold due to poorer grade mined in first half

3) doubled sales into hedge
4) size of hedge

5) 200m on balance sheet in cash etc

6) McPs needs approval

7) McPs needs $$, either debt, equity or from cash flow (which could impact the dividend)

What we know now

8) cash holdings increased

9) guidance confirmed

10) management will fund McPs from cash flow and dividend cut as a result

I read that as a good decision, poorly communicated. Hands up, who wants debt and more hedging or their holdings diluted?