Ann: Half Year Accounts , page-5

Hi Seals. According to the valuations around the time of the MAK attempted takeover the value given by analyst was in the range of 42-46c. The sp rose to around 36c. The project has been derisked slightly since then. Given that the stock is trading way under analyst value. There are two good reasons for this. 1 environmental approval and 2, capital raising. The environmental approval is most likely required before anyone os likely to put in $$$$ (except possibly a major shareholder). After environmental approval the shares even if diluted should be worth substantially more than they are today. We can on wait and see how Mr Market reacts.