pre 20th trading, page-8

I must admit to some surprise at the relative strength of the stock currently. Trading on small volumes though is probably exaggerating it somewhat.

Still think 44-45 is a reasonable target once the new stock is issued, rising to 55c within a couple of weeks of that.

From the company's point of view, issue fully underwritten, it doesn't matter financially whether people take up the rights or not. However, there are advantages if they are taken up but also even if they aren't.

If there is a large take up, you can go in to future CapEx funding meetings armed with, our existing shareholders are right behind the company, this is demonstrated by the high take up of this rights offer, raising significant funds in what is still a trying market. Alternatively, you can go in armed with we already have 10/20/30% institutional backing behind the project. It's a win/win !!!