Ann: AGM 2011 Presentation , page-15

Problem was, the finance mandated a certain amount of hedging (yeah i can live with that, part of the deal of debt financing a resource project etc). The hedges were then taken and following this a highly dilutive cap raising undertaken to pay off a large portion of the finance?? This still left the original hedging in place.. i.e our hedged volume is now not commensurate to the amount of debt we hold and we've been diluted.. we got hit with a double whammy, the burdens of both debt financing AND equity financing for essentially the same cash??? Didn't make a lot of sense to most people..

Take a look at SLR, by keeping their register nice and tight, getting into production early to pump the sp they have now managed to raise $70m by issuing only 20m new shares.. CC has just been too reckless with the cap raisings over the years. Capital management has not been a strong point. I notice in the AGM preso he made a point of saying all future expansion (u/g, plant mods etc) should be funded by internal cash flow.. needs to be able to prove this first..