Ann: Becoming a substantial holder, page-28

Hi all, I think the headline number is very misleading. After you deduct tax, fees, and the bond for Canadian mine I come up with closer to $160mil free cash. Several $mil to put Atlantic mine on c&m & zero income for a couple of years at least. Simberi might do ok but there are issues there I believe.
Then you have management. The chair is the yes person to the former chair who I believe was the main reason for StBarbara’s demise. The new ceo was the business development officer he’ll bent on the “deal”knowing he would get the MD job. So not much has changed & frankly I wouldn’t trust this lot. They ruined a fine company and why would anyone expect they would all of a sudden be successful, particularly since they sold off the assets that may have given the company a chance.
I’m out but I have continued to watch it. I know what I’m saying is not what holders want to hear but just be careful. Good luck.