I attended the AGM yesterday, and it is really impressive. What has been achieved by Vulcan in five years, especially considering they have a complex project with lots of moving parts. Francis considers every day that the 300 mostly professional people are working on the project. It is being derisked. He considers eventually the market will move back towards reality. Not that he considers that there are still risks. …has a lot of assets that are not fully accountable in the SP. The plan basically is to get joint ventures in to pay for major parts of the capex and borrow the rest. He considers that he can keep the share dilution to a minimum and consider, it may be possible that there may not be another CR. If that was the case, we may have only 200 million shares for a big project and you watch it run when people are trying to get set in this company. If it does get the derisk, it will be going up at a dollar of time.
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