resolution 6 and 7

Dear holders,

I'm always a positive man. Even when I loose I always think..well better I lost this "small" amount. I can now go to another one and soon recover.

In spite to be so "positive" probably I never will understand how deep the human beeing can go to justify his own intentions to make easy money.

Lets understand resolution 6 and 7 of our next AGM.

If I read correctly the Hosking family (Tim & Scott) ( to be honest looks like more a private company than an ASX 200..anyway..

If i understand correctly we are talking about issue ESOP 215,000 shares

This is about trow in the garbage 6% of the private placement that recently provoque dilution of capital and our loss of assets.(25 milion private placement)

Whe you read the price "6.74" initially you can say..uowwww not bad..lets hope they will come to this level.

But we were and very recently and very earlier than the recent discoveries..meaning... Should not be one "achievement" go back to 6.74. Should be a "MUST" under any kind of circunstances and analisis.

When the most pessimistic broker also give a value of 6 something and most of the other brokers talks about 7,8 and 9... What is the point to give such "good" premium to our board ?

Its good to notice that the concentration of this "premium" is under "Hosking" umbrella.

This is not to exploration Director or other technical guys,but to "Hosking" team/family.(I can't avoid feel like this african countries where the cousin of the cousin is also the theasurer of water company and his wife the president of the electricity )

Dislike deeply mainly a company that so recently declared the poor cash conditions should be strenght to achieve better negociations.(and than they went to the market to raise money),This less than 45 days ago.

Looks like they are "poor cash
" for some proposals, but reasonable confortable to another" , isn't it ?


Cato