Ann: Notice to Noteholders, page-7

Probably some profit taking across coal stocks. It has been a good 12 months.

Plus the Green Agenda could only be suppressed by reality for so long. Soon enough there will be another Global Green talkfest, some new reports from trusted sources like GS/CS about the end of coal, and some hopes the war in Europe will draw to a close which will magically unsnarl the mess that is global energy. In other words, Clown World is going to Clown.

On our front we have the ruling party and their minions threatening fossil fuels with every 2nd statement.

I had thought a corner was turned, but expecting ideologues to see reality was too much to hope for. There is still a metric boatload of coal power plants in construction or planned around the world. Only in Australia is reliable baseload a dirty term.

NHC's future has probably never looked better. NA3 approved. High and sustained coal prices, probably for years to come. A low AUS$. Safe bet is that we're going to keep printing money wholesale.

I won't be cashing out, that is for sure. Given the scale of dividends this could be seen as a buying opportunity right now.

GLTAH.