ANN 29th feb Monday in afternoon, page-18

My theory is not disproved until the announcement comes. Short term share price movements on low volume and low depth are not a justification.

Can we please create a conducive environment to look into this stock? Whether you are invested or not this is a public forum to discuss public companies. It is not helpful to shut down theories with 'gang' behaviour. Infact, I value the opinion of non-holders on my companies. They provide insight into areas of weakness which can be used to improve my personal position.

Here are the facts:

1. Institutional investors in the Top 20 (Deutsche Bank and I.G Management) sold out a large amount of holdings at 30-31st Dec. This is the time of the performance fee assessment.

2. 30 days later 0.28% of the company is shorted. The reason why this date is significant is because BFC has 30 days to dispute the assessment until it because finalised. I don't believe this is a genuine short trade. It appears to be a hedge on a long position for two reasons: 1. Executed almost instantaneously suggesting it is a single 'shorter'. 2. The amount shorted is 1,000,000 shares which suggests it is a calculated hedge against a long position until the uncertainty related to the performance fee is over.

3. The share price dropped significantly from the last period to dispute the performance fee.

You guys are stating that I am wrong because of a small retrace on low volume and depth relative to the initial drop.

Unless anyone else has a valid theory to dispute this it is a valid piece of analysis that should not be shut down and open to those who want to do their own research.

I believe this company has good long term prospects. But I am explaining a theory that could have saved long investors the drop from the end of January and possibly save them a further drop when the announcement comes. I recognise that following the market is a genuine theory but it is a matter of balance between which is more likely right. Look at what sophisticated (large) investors are doing at critical time periods.

The directors do not have to disclose the actual performance fee information until the required reporting period. I can show you why if you require but it is boring.