Ann: Ceasing to be a substantial holder, page-9

They bought in at the initial stages slightly over 2c. For a financial services company that is good return for an investment over 1+ year.

I have average up and I like both the projects, in Newleyline, Jimpermadig and now Delfin. I even have hopes for the holders that came solely during the placement. In doing so, I look at the risk reward ratio. The share price retraced because drilling results in Newleyline has not been convincing and management did not indicate their plans for further drilling at Newleyline and Tolerno. Some holders lost faith and interest. Directors having no skin in the game is another point that perception of the CEO was not pleasant.

I hope with the new NED and changed in the Chairman will help improved perception of the company. It would be better still if Allchurch buy some shares in the market. Fitzhardinge already did. I like the acquisition of Delfin, historical datas of copper is very convincing and comfirmation of some of the historical datas will go a long way. The share price at this level appears to be very attractive and I am bullish on MAN itself.