Ann: Update on IPO Schedule for Davenport Resources Ltd, page-5

Likely Davenport could not raise the minimum that they need. The prospectus says that they need to get a minimum of $5m.

Just have a look at Parkway Minerals (Potash West) has performed over the last 4 years, I would not blame investors for not touching Davenport with a 50ft pole.

I actually see it as better that Davenport projects remain in PWN. They are doing this spin-off called Davenport with PWN shareholders getting nothing except for the "right to buy Davenport IPO shares".

Wouldn't it be nice that the board of directors say take up say $AU500k each with their own money in the IPO. I am pretty sure this would send a very positive signal. Then again this would defeat the idea of "using the company coffers to draw down fees".