Ann: Quarterly Activities Report & Appendix 5B , page-17

re: Ann: Quarterly Activities Report & Append... Sector Lead,

One thing the CTP board on HC has never lacked is muppets...


RC appears to be slowly but surely turning this company around. There is a certain amount of luck involved in any MD's career and Cottee certainly had more than his fair share at QGC, but IMO he's starting to show he's not just a one-trick pony.

The extra dilution is regrettable but hard to see how it was avoidable. If RC had not taken over, it's very difficult to see how we could have been in such a good situation. We would likely have been at the same level of dilution without any of the benefits we've seen in the last 12 months.

Personally, RC won me over when he managed to ditch the coal assets for a profit. As I said several times, I would have accepted a carton of a beer from some bloke down the pub for them!