ubs, page-16

fair call ...... but if you value the gas leases at $100 mill (which I do), you can add 40c per share to current price.

I believe that you switched out of TAP into HZN, probably about square atm.

- recent cap. raising, about 50% of retail investors didn't take up the offer at the 'bargain' price. Huge underwriter overhang.

- issued shares now well in excess of 1 billion.

- when the issue money hits their bank, they release news that Maari is closed for maintenance for at least 4 months.

Not casting aspersions here but I know where I would rather be ! Not too much criticism from HZN holders - I would be pretty unimpressed by the timing if I was a holder.