Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-33

I think the bit about PNR having an option to buy back the shares has just been done to appease PNR shareholders who would be angry that PNR has taken a big haircut out of this deal. The reality is that PNR will not be buying back these shares. I just can't see their circumstances improving so drastically that they suddenly have the free cash to buy them back. Meanwhile BCN have got a nice cheap pick-up & they are going to need more oz's going forward as well. I can't see MXR being 'in limbo' until the AGM if MXR make discoveries over that period. I take your point around telling MXR management that an exploration 'go slow' is not good enough, but be careful you don't get overly fixated on these AGM's and delivering management further 'strikes'.