Ann: New working capital facility and refinancing, page-2

re: Ann: New working capital facility and ref... Great,

Wonderful spin. Managmenet say this is terrific.

I say they have been forced to hock thier last unemcumbered asset at a very competitive 10.5%.

Basically these guys did this because their working capital went to prop up their development syndicates and now has been written off.

I think part of the use of these funds will be;

Settlenet of the put option they will loose 12m on and the final working capital calls on the tax office development.

I bought in just before the announcement and an unpleasantly surprised.

Good luck all.