Ann: High Grade Results from AB1, AB2 and D Sul-BDR.AX, page-52

"...anyone still whinging about the CR?"

When Red Back was sold SJ had 600,00 shares and 400,000 options that he had accumulated in the low single digit value range. The sale price was reported to be worth about $30 per share. So on that deal alone SJ is worth $30M(less tax).

So what is SJ doing here and who is he doing it for? He is not doing it for us, and I can't imagine he's doing it for a few hundred thousand a year and a couple of million down the track. Given he is touted as a finance/M&A specialist, I think he looked at BDR and saw a great opportunity........as I've said a few times before we didn't pick him, he picked us. BDR is doing very well at the moment, but 90% of that has nothing to do with SJ. The gold price would have gone up regardless, production would have gone up regardless, drilling would have happened regardless(only timing has changed).

So in order to make it worth SJ's time, what needs to happen - he(his interests) need a good slice of the pie. By increasing the issued capital by 33%, the maximum opportunity to accumulate(possible future takeover?) without affecting the share price is created. Other that this, I haven't seen a reasonable justification for the size of the raising.

Lets not fool ourselves into thinking we are in control of the bus......It's more like a train really - better in some ways in that more can enjoy the journey and it is generally faster - but it has a very defined path and SJ is laying the track, he has the board stitched up with his "Independent" directors and the merger will happen when he's ready.......... It may already even be planned and the take-over organisation may have been involved from the start.

I have no doubt that the price will go up, my only concern is that minor shareholders are maneuvered out of too big a slice of fair value.

That being said I don't think SJ would have gotten involved if he didn't think he could get to a minimum of $2-3 per share of value, I just hope we are there to share it with him.

W