Ann: Appointment of Chief Financial Officer, page-92

Let’s us be reminded all this talk of CR started by you saying, and I quote:

“I’d be using this as an opportunity to run a CR at double the prices a few weeks ago… Timely appointment..”

So this has all been in the context of this point in time. Being the appointment of this person as CFO and your suggestion of a CR being timely now.

I think you’ll find, when you read my prior comments carefully, that I’ve identified (as have a number of other posters) a range of reasons why a CR does not make sense. You’ll see mine focus on the original premise you identified.

Would you thus care to elaborate on why you say a CR would be undertaken now?

Re worst case planning … umm ok, so is it best or worse case planning to raise capital by issuing shares and thus diluting existing shareholder interest at a time that no funds are required and knowing that other sources of funds are (or are very likely to become) available prior to any shortfall coming along and realising that by issuing that extra capital (unnecessarily) you have just impacted your shareholder benefits. See, my view of “worse case” planning for a public company has to consider shareholder impact - a tricky thing to balance but here with so much skin in the game our very experienced (and well connected) BOD would have that also very firmly in mind - don’t you think?

(If you want to say plan for the worst case … and if that’s a big part of your decision making process (fair enough) well in that case I’ve got to assume that you don’t “hold” (as per your disclaimer) but in fact might be “short” here … isn’t that the basic premise of choosing to take a short position, ie planning for (well actually “expecting” or is it “hoping” ) the worst case? Or maybe you are more sophisticated and hold an amount in short as a hedge - if so, beginning to wonder if that position was taken out prior to ALB info coming to light.)