Ann: Issue of Equity Incentives, page-50

Cottee was part of the reason we got ranger. he did some good things, but was hamstrung by the lack of available funds the company had at its disposal. Also Santos dragging the chain on some of the joint ventures did not help either. Yes the sell out to mac was a very poor decision from the shareholders point of view but from the companies point of view it would have given the capital to do a lot more sooner. he unfortunately put the future of the company way ahead of the shareholders. not sure how much anyone else could have done given the conditions. At long last the hard work of both JH and Cottee are coming to fruition under Leon and the new board.