Ann: Appendix 4D, page-14

Im assuming with your dig about the hedge comment that you knew POG was going to 2200+ and sold all your assets to buy gold shares to take full advantage of this? As MCK has mentioned loan facilities required hedging (just a bit of research and knowledge) also show me which companies have zero hedge when USD to AUD was at such disparity and POG at a steady increase. No one in the business world could have predicted what POG did and put their company on the line. Conversely had the bottom dropped out of POG you'd be on here bagging the company for not locking it in.

Moral of the comment hedging was required yes its going the opposite to planned but thats how hedging works and show us a company that didnt hedge.