Ann: Cockatoo aquisition update , page-15

I have just had a long chat with Tony and have said similar things to what has been expressed on this thread. On the one hand, I am happy with the way the business is progressing and if it was not a listed entity with a daily decreasing shareprice I would be a very happy shareholder. If the shareprice was unlisted, I would say we are in a great space. We have what looks to be a good shareholder/partner in timeone. We have no infrastucture hurdles. We have more ore than you can shake a stick at. We have a cost price that is more than competitive. We will have access to Cockatoo, which will give us infrastructure, DSO and low grade ore. MGX is next door and have no interest in low grade ore - in fact they seem to have a decaying interest in Koolan, and their shareholders. Surely a deal to be done there.

On the flip side we are listed and I am doing my nuts. Makes me nervous and it seems I am not alone. We have sub shareholders and I have noticed none have sold, or bought. So we have a wait and see approach from them. Mgt on the other hand have bought. The only part of the story that makes me uncomfortable is the shareprice. Now we all know that the shreprice is really a popularity vote, at any given time - and we are the typical redheaded stepchild. An easy hit. And a deserved one.

As i am told, we have two announcements coming. One early next week and the next one shortly after. They will provide full disclosure as we will have an EGM coming and full disclosure will be neccessary for that - after all, we are not CDU shareholders. The company is dealing with Cliffs, HWE and BHP on Cockatoo. It takes a while. Timeone, apparently, are solid. We will see. If this plays out as I/we hope, what a steal. The fact that it is uninformed selling, i.e., not major shareholders or mgt, gives me hope. Also, unlike most of you, I trust management.

Anyway, we will see. I had to call as I was losing too much momey and uninformed comment just makes matters worse. I encourage all seriously interested to pick up the phone and call mgt. Cheap shots are just that.