Ann: Half Yearly Report and Accounts, page-77

It's too late to do anything about the Newhaul deal, so not much point looking in the rearview mirror. I said at the time I thought it was a bad deal for Fenix shareholders. $18m for half a trucking company (we already owned 50%) with essentially one client, plus tranches of 30 million shares with a dividend immediately payable on the first tranche. You won't convince me that the deal hasn't favoured Newhaul. But like I said, I've parked it and have moved on. I'm still bullish about the next two quarters and the ability of the company to sustain the dividend at it's past levels. It's nice that IO is slowly creeping upwards and also nice that we are getting much higher percentages of lumps and high grade commanding a premium price. With the AUD dropping a few percent v the USD Io is now around $185 AUD and that too is a bonus. Part of H1 IO was $89USD so it's moved a lot in favour of FEX. I'm still thinking Q3 will outperform the entire H1.