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To Zzzzz1 & Sydneysider...congrats, fellas, you seem to have sniffed out an interesting one here. RCH certainly looks to warrant closer appraisal.

Just one query on the corporate side, however, for which, if it has been answered previously, my apologies in advance:

RCH has an absolute blizzard of scrip on issue. More shares, at any rate, than would normally make investment comfy for this little black duck!

What is the likelihood of a recon in your view? Would not this factor account for the otherwise inexplicably lagging price of the opts (which would obviously be disadvantaged relative to the ords in that eventuality)...and even, contrary to your own triumphal interpretation, Zzzzz1, place a vaguely sinister spin on the recent spate of conversions?

How do you guys rate the possibility of a capital reconstruction any time soon? Reasonably low, I guess, if you're positioning yourselves already.