Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-148

Tran, I have said repeatedly, I like the deal (bar the lack of transparency over the gold ordering process, and how long Quantum get to even pay their deposit).

What concerns me is the board structure of BEZ. No CEO (not even an update on it) and a Chairman and his offsider both from Quantum on a board of just 4. That gives them majority power does it not?

You raise another pertinent question, can BEZ even raise funds now (if things go pear shaped) outside of the Quatum deal because of the growing debt obligation to return by way of gold (and therefore, if it cannot, relinquish the asset).

As things stand now Quantum have BEZ by the balls, in every respect. It would appear the Chairman has engineered it very well indeed.

Seton's recent buying does inspire thankfully I must say.