ann out new issue, page-6

Reccop,

I NEVER defend the fanciful valuations analysts often put on these companies. I do however pay attention to any reasoning they may present.

Well I had an order at the front of the IPM buy q most of today with only 4000 bitten off it, lol.

Look at the spread, you could go from 95 to 115 on one small trade, because the shares are not on the market, ie NOT FOR SALE, IPM NOT FOR SALE in fact.

I think we"d probably agree that the market is currently irrational, and that the traded market in most of these small oilers probably represents what less than 10% of holders are prepared to trade for. What the other 90% would require to sell is the great unknown - but COE will need most of these, not just the on market trickle.

Shares seldom trade below the price of a REAL takeover offer, but they do when they are percieved as Claytons offers, or highly conditional. Eg, BHP offering 3.4 for RIO, but market been saying 2.9, might no happen.

Gurame? well don't blame IPM for Scott's hype.

Looking forward to my 3 cps divi, only recently got the last one. 6% yield in a growing company not to be sneezed at. Why divert that to Scott and co's salaries and other extravagances?

EL