Ann: Proposed Selective Share Buy-Back, page-19

I agree that any remaining money is more likely to be spent on projects than being returned to shareholders. Pretty much everything the company has said in the past has been about continuing on after Las Lagunas winds-up. I think PGI will focus on the already proposed projects in Cuba, China and maybe Spain before looking for new ones.

Given that BJ would dilute his substantial shareholdings with an attempted capital raising, I think he would try to borrow the money first. But he has said that getting a loan(s) would be difficult, so while capital raising is still a reasonable possibility, I hope it is a last resort. I worry that if it gets to that point, there won't be many takers unless the CR is accompanied by a very promising definitive feasibility study.