Ann: September Quarterly Report and Appendix 5B , page-5

re: Ann: September Quarterly Report and Appen... I'm with manila. It's actually quite modest. The quantum looks bad in the current circumstances but with DH retiring it's right to pay him back and clear it off the balance sheet. No idea what was the rate of interest but it's conceptually that someone forgoing wages shouldn't be expected to sacrifice further by losing value to inflation.

More importantly the financial position is clear as is the likelihood of a capital raising before end of first qtr 2014. Of the 2 or 3 possible drivers it appears it's really only Coburn talks or zircon pricing that might push the price without intervening action from brokers.