Ann: First Coal Sales at Vlakvarkfontein , page-20

Yes, ever since CCC came out of the long trading halt to announce funding agreements the SP has kept on slipping back. To me - that was the chance of a re-rating. The fact that this failed - and then we have had more positive announcments but still a falling SP - is a big worry. God help the SP if a negative announcment comes out - this will be punished.

It is of great concern. It cant be such the winner as we all think - otherwise the SP would be much higher. I am just hoping the 3.5 cents was the bottom - although I am beginning to think not.

I am a holder and a nervous one at that! Many other investors will more than likely use any bounce as a selling opportunity - this will also cap the SP.