placement closed fully subscribed, page-20

re: placement vs spp cheque worry . Snake, exercise is 20c and expiry June07, so plenty of time.

I'm expecting a lid on the sp for a couple of weeks at these levels as retail holders adjust their holding following the spp. Then I expect a move to mid thirties late March/early April.

This will do me just fine as the oppies should move to 18-20c. I'm in at 10.5c.

There won't be a selloff by the big boys from the placement. In any case, they know the market depth won't accomodate this, which is another vote of confidence for ALD.

The big boys are in for the long/medium haul-they wouldn't stump up $9m without doing dd. Also, this level of funding should see ALD close to production. By then the project will have advanced out of sight, and hopefully the sp also.

ALD should "do a" AVO shortly.

cosmos