Ann: Becoming a substantial holder, page-10

Thankyou for your reply. The major difference between IDT and TER as well as most Coal stocks is that they are doing very well in terms of income which is then passed onto the shareholders in the form of dividends. Yes it was very annoying to see the Royalties tax in Queensland - however on the bright side at least the Queensland Government is acknowledging the fact that High Coal prices are here to stay for some time to come. Albeit we get a little less in dividends but hey its better than keeping it in the bank getting 1%. Yes Australia maybe moving away from Coal - However many countries want our coal and i am of the belief come Winter in Europe that will play out even more. Energy Stocks will be the winners for some time to come.