Ann: Notice to Noteholders, page-35

Very good questions ....

My take on them are :

1) My next questions are- why was the deal done in Singapore ?. Why not do it on the ASX?
Singapore has a reputation for the place to be to raise big funds quickly with "Over the Counter" lack of disclosure. Other companies have also used Sing for similar raisings - incl Washington Soul, Flight Centre etc. Millners learnt from their SOL experience and copied it for NHC (with exception of the dividends being an adjustable event for NHC)

2) Why was it necessary to be clandestine?
My guess is that some customers speculated that there might be a shortage of quality thermal coming and they wanted to secure supplies. They did a deal with NHC whereby they subscribed for the CVN's (giving NHC the cash to do an acquisition) and they secured tonnages for a long period. Hence no disclosure of CVN owners and implementing of the "short" insurance. Elegant solution to two "issues".

3) Why was a US Investment Bank (Jeffries) used in place of an Australian Manager?
Jeffries has office in Sing and has significant expertise in Sing as well as mining commodities. Not unusual, me thinks.

4) Is there a connection between the CEO exiting and this placement?
I don't think so. I think the CEO leaving was due to no acquisition forthcoming. Speculation was rife at the time. I think he promised the Millners he could do a deal with BHP and it all fell through. Promise broken, Disposed.

Again, this whole CVN stinks to me. In fact, it would not surprise me if the SOL stable also own some CVN's and will dispose/park just before the conversion so they avoid disclosure. Personal views only.