Ann: Western Areas - Share Purchase Plan Offer Document, page-8

This share is going lower than this, I'd agree with the $1.50 maybe even lower. WSA have 2 mines down south one of which has seismic problems and a year to run tops and another that has to keep up with the cash burn at Cosmos. I think the $100 million will only keep them going for so long, then with the Cosmos project 3/4 done they will run out of money and a TO will happen at a discount to what they have spent. I'd say they would be better off buying another 10% of Panoramic. Nickle is fickle. Thats not held now .Buyer beware.