a business approach to hedging, page-4

OQ I understand your annoyance once again but I think you are over-reacting.

I agree that the swaptions were a complete gamble by the former MD. My reading of the half yearly report on 28 September is that they cost a total of $8.7m and had incurred a loss of $0.9m as at 31 July.

Regarding other hedging I repeat "they had to do it to get finance". And PP has put up a rational explanation of why they do it. HGO did in fact get cash from the JPM offtake "early access hedging" facility of $13.5m (see page 2 of the FID announcement on 29 October).

H