analysis, page-4

Folks

IT is interesting time but equally I also have seem my significant investment limp into just above the bottom of six figures. This for the last few years has been a train wreck, but equally even in a train wreck there is new life, you fix the rails, buy a new train, get some new crew and start the process again.

Floods suck but tradies love them as do major inferstructure etc etc......

The point is we are at rock bottom and where we are headed now seems to be pretty positive, at least we know the coal is real, what it is worth is next.

The last thing I would add, is Len's dream, he gets massive cudos as the vissionary, I can tell you know I trust my best mate more than I do someone I have never met so would I give my best mate a million bucks, No F'ing way, so at no stage did I invest in Len or his dream, I invested in a competent ASX listed company that's sole purpose is to drive value creation and returns for shareholders, I dont particualry care for Len's or anyone else's dreams, lets focus on the coal and see where it takes us.

To many dreamers have burnt my cash and not focused on the reality and the obligations that go with investors money that we put in to these companies in good faith on fact, not fiction.....