rail, page-11

WNI announced their financial statements today. There are a couple of interesting points:

1. Their fiancial and corporate advisors in Australia are Capital Investment Partners P/L. On their website they advertise:

"Capital Investment Partners delivers a comprehensive range of investment banking services including strategic capital raising, merger and acquisition and financial advisory services, primarily to emerging small-cap companies listed on the ASX. "

They have offices in Perth and Hong Kong. They were paid 3,863,078 shares at Aust $0.20 for providing services to WNI in respect to the takeover.

2. On the Balance Sheet they have valued their investment in Brockman using the opening share price as at 16 June 2011 which is $3.65. As we all know the takeover price is $3.15 which supposed is supposed to include a premium.

3. Production capacity of Brockman is 17 Mill Tonnes per year for 25 years starting 2014.

4. Consultancy fees were paid to Brierley Family Trusts and Richard Wright?

The authorities should also be checking the business dealings of Capital Investment Services P/L with WNI because it is clear they advising them strategically in the takeover process.