shorters providing opportunity?, page-27

I think that LNC being a strong profitable entity with healthy balance sheet will be the point when it becomes more than a trading stock.

Its value in the market depends on how many people believe it will get there. I think that with global economic uncertainty combined with generally sad coal and recent oil commodity prices combined with historical PB announcements:deals ratio the belief has been hard to hold onto and we have been through a low cycle.

Some things are changing:

Thermal Coal CAPP Price 56.67 USD/st (62.47 USD/t | 50.87 EUR/t) 16 Jul 2012 - 52 Week Low 54.00 USD/st 52 Week High 78.08 USD/st

Crude Oil Price 106.51 USD/bbl (86.74 EUR/bbl) 19 Jul 2012 - 52 Week Low 90.24 USD/bbl 52 Week High 125.92 USD/bbl

All I think LNC needs to get back to $3 is market confidence. If PB can make the clean coal division self sustaining through GCL deal that will make a big difference. In our favour is oil price and fear about middle east conflict disrupting supply to get some of those deals over the line.