12 months hedging, page-22

g’day rooks,

as the hedge doesn’t start until October (I thought it was quite late as in around the 20th or so, but can’t find the exact date), would you think they might delay just one shipment to sell their first hedged amount, rather than the current low price ?

I guess it may not be possible with them having to book ships ahead.

not a big deal, as only would apply to 50,000t once.

I should say that you’ve called this well, by sticking with FEX and not spreading into others like TI1, MGU as I did. Management have been brilliant and deserve all the rewards. Although those 62,500,000 bonus shares are going to be an issue when they fall due. Around 13% dilution to market cap at 30c.

enjoy your Sunday,

cheers,

ned.