Ann: Underwritten Rights Issue , page-27

I cant agree Watso. Pax are on the right track to focus their attention on Indonesia which is ahead of the pack when it comes to geothermal. the reason Pax has a chance to be successful there is the leadership and support the government is giving to the industry, in providing a guaranteed price tariff + carbon credits. here in Australia we will endure endless debates about the carbon tax and end up with a watered down ineffectual system to placate the big polluters. And as far as the technology is concerned I think conventional geothermal is acknowledged as proven and has been in use for many years. I do share your concern however with the poor timing of this cap raising. with nearly 500 million shares on issue, its going to be a long haul back and thats if nothing else goes wrong. I'm hanging in for a while because I think Pax has the right partners in the right business environment to make a go of the projects it has on the go but its going to take a few years before we see any substantial benefits.