Ann: Private Share Placement , page-11

yep agree..

ok just re-read it, I don't understand that the shares will be 'issued on Dec 23rd' but we ratify the deal late Jan at the EGM? Anyhow it seems we still have the vote which is great as at this price its a definite NO.

So for tranche 1. i read it as reducing part of WEG's debt to GNR (as this is money for PLV not WEG) and that allows PLV to reduce the same amount of debt to the JV (ie. WEG). The rest of the money from tranche 1. goes to reducing PLV's debt to GNR. Obvious question here is what is the breakdown they are using from the tranche 1. shares..

For tranche 2. its all used for Cockatoo island operations..

So it appears the dispute between PLV and WEG over issuing these shares to GNR has been settled as WEG are in the thick of benefitting from the share placement directly, question is can they vote on this with their shares as they would be voting YES given the above?

GNR will use their shares of 19.9% (if granted) to support PLV management to further issue shares if and when required in the future as a thank you very much..

I hope the above is thereabouts..

Bleasby please come in and make sense of all this!