Ann: Change in substantial holding, page-34

Agreed Rolla.

As I mentioned in a previous post, Tim was generous enough to share his thoughts, through the Waterboy (after giving permission to relay to this forum) about FAR, after becoming our first cornerstone. Thoughts covering the full spectrum of investment analysis and his ideas of committing to support the company as the registry tightened.

For all intents and purposes, those related inner thoughts, gave the impression of a straight shooting man able to mix with all levels of society.....something my father used to call "an admirable characteristic".

Dilution and less certain future prospects, are obviously something we all now share in common. Tim made it abundantly clear from the outset that concerning himself with the day to day SP fluctuations is something he avoids. He also advised that he took the position of first cornerstone, and critically, as a blocking stakeholder very seriously. With that in mind he offered to assist management with matters within his field of talents.

Anyone reading that initial brief from a well known identity, especially after such a significant outlay could only be impressed with the detail and strength of commitment to FAR. The flow on effects raised all levels of confidence from this board's community.

Something is a skew, and I'm finding it difficult to put a finger on it. We still have the asset, we have finance and it appears as if we are on the road to production.

But its obvious that things have changed. The SP is difficult to ignore now because it is clearly reflecting a dramatic shift in sentiment and if the floor to the SP is now 2c, then we now have a very hard and long way to claim back perceived value.

I can remember way back (way before the formation of our development finance team) Tim offered to assist with introducing his skillset into FAR, with regards to financing, utilizing such institutions as World Bank in conjunction with the Government of Senegal with the intention of grounding FAR into a prominent position leading up to the funding requirements for SNE. Tim's family has that sort of reach. I can only wonder where that all went, as over time, I watched FAR put together its finance team which seemed to always be lurching further and further backwards as the deadline approached. And look where it got us.....a declining SP, fuelled by an information vaccuum, which only worsened as the FID was nearing. The certainty of a CR ensured the SP would decline even further.

Every man and his dog new that the banks wouldn't lend without more equity dollars but it appears our overrated and overpaid finance team were unaware, or they would have got that credit raising out of the way earlier while the SP was stronger.

Now that's a snafu!

Cheers Tim.....I'm hopeful that we'll get to value somewhere down the road. It's just such a damn pity that we have to restart from so far back down the hill.