Ann: Becoming a substantial holder, page-77

Some comments:

• Deadline' for settlement negotiation has passed, and there's confusion and a lack of information about the outcomes - Still in process of being finalised otherwise we'll see the award
• Many of the Company's key demands (e.g., royalty concessions) seem not to have been met - You can't possible know this and it would require KCN to take the opposition position it has held since instigating the TAFTA case
• NE deal has fallen through, and for various reasons this project doesn't seem likely to be acquired by another party anytime soon - Up to 12 parties showed interest when ag was $15. You can't make public statements about these same parties asking to re-engage if there not factual. "Any time soon" will depend on the previous DD undertaken by each of these interested parties.
• There's a very strong likelihood of near term capital raising and dilution - This again is the least likely outcome. RSK and Board have avoided dilution at all costs throughout the past 20 years as they know the impact on the long term share price potential. They're well connected so I'm expecting to see some insto funding like we previously saw to flight off Zurich.

Markets are full of retail and therefore but default over exposed investors that jump at shadows and eventually drop their bundle at the wrong time. There is nothing more predictable.