Hi Moppo,
Please refer to my post below. Have a read of page 11 of the Shareholder Presentation dated 21/05/13 I highlight below.
http://hotcopper.com.au/threads/ann-operations-update.2494332/page-66?post_id=15089143#.VS9fAfmUeCo
Tony
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Ann: Operations Update, page-89
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