Ann: Change of Director's Interest Notice , page-26

I, too, was surprised with the 39% participation rate in the recent rights issue.
The uptake of entitlements seems to pretty much reflect the confidence of shareholders in current management
Given that, those shareholders who "kept the faith" have already lost over 10% on their outlays, even before their cheques hit the bank, suggests that, come November, a new board will be in charge.
I, for one, (and I believe that my viewpoint mirrors that of most shareholders,) simply have no enthusiasm for any of Havilah's "projects" other than finalizing the sale of our primary asset, Kalkaroo.
I have no interest whatsoever in Portia, North Portia or any other type of Portia except perhaps, a Porsche.
Once Kalkaroo is sold and the proceeds are distributed to shareholders, I am sure that we will all find that there are far more attractive companies in which to invest our money.
The fruits of Havilah's endeavours, remain, as they always have, too hard-won, too low grade and too long-term for an ageing investor such as myself.