Ann: All Atrum Partly Paid Shares Paid In Full, page-10

So KSD, you have been a buyer all this time and now the stock is cheaper than it has been for months, you are a seller? That's clever.

The share price movement is certainly disappointing, but it is to be expected given that management have failed, at this stage, to secure funding for Groundhog or a buyer for their off-take from the ACG mines in Pennsylvania..... But to throw in the towel and capitulate at the bottom is precisely what you don't want to be doing. If you think that management will not be able to secure a deal for the off-take from PA or find a party to JV Groundhog with, then sure go and sell, but I'm not sure how you could come to that conclusion unless you have information that is not public. With coal prices flying, I am fairly confident they'll find buyers for the product and when that happens the sentiment in the market will turn very quickly.

Like you, I am disappointed, but my disappointment does not stem from the stock price (I couldn't care less what it trades at from day to day because I am not a seller). What disappoints me is that management have been unable, at this stage, to secure a buyer for their product out of PA. In their defense though, the JV was only agreed a few weeks ago and I wonder if they even have a binding legal agreement signed just yet, so I'm comfortable giving them some more time. The strategy of generating cashflow through the JV is a sound one and with coal prices at multi year highs I am very happy to own the stock at this valuation Think about the F.O.B. costs of the ACG coal and compare that to the current market price for UHG anthracite and met coal - the margins are huge, so it is inconceivable that Atrum won't find buyers in the export market, even if the price is a small discount to market prices.