appendix 3b forms, page-3

Just giving all the other potential retail investors sniffing around this one a reason to delay their decision. This strategy buys more time for me to get the cash together to grab more at these prices.

There is significantly more coal (at least x 30) than the proven 50 million tonnes and if the unconverted notes do get converted then of course the NAV of company increases (due to debt forgiveness) and almost, but not quite, offsets the share dilution.

Moreover those options are not going to get exercised until they are in the money (which is at about 4c, 5c, 6c per share ( a BIG premium to today's 2.5c)

So........what do I really think?????

With the benefit of 20:20 hindsight i would use half the original cash you intended for this share and party with the other half. I, on the other hand, am up to the neck in this dog and am forced to wait till 2017 when it finally comes in.