Ann: Proposed issue of securities - PCL, page-8

I've mentioned previously that when Woodside become operator, the workload for pcl management pretty much disappears. Woodside will have majority holding and pcl rubber stamps all documents.

Only thing they can try is a sale before going with the royalty option. That and figuring how to maximise their personal outcomes.

Just wary of our dilution as the more given away to their mates erodes our ability to vote with a meaningful outcome. They can increase stock up to 15% each year without going to a vote from memory. A vote of no confidence also takes a few strikes before they are out once the dodgy dealings are underway.

With a bit of luck the ball gets rolling soon. We don't want to keep giving thing away at a discount or its going to discourage the on market buyers who can increase our worth.