Ann: Quarterly Activities Report , page-10

Thanks Rookie.

I had forgotten about the PENO possibilities but mainly because I'd written these off as being out of the money before when I looked at buying some. Apologies if that offends anyone and I hope as much as any holders do that I'm proven wrong on that. I'd like to see the SP over 10 cents as much as anyone.

I've noted HS has discussed Raki with Gus and been told they're definitely not looking at divesting this interest so I guess we write that off as a possible money spinner.

Obviously a raising would be better done after the JORC when we should see a SP re-rating but I think that will come too late and money will be needed before then. The first tranche of the YA Global funds might be the way to go short term. I had hoped PEN would never have to take up the facility but if it can be used to tie us over until we can realise better value (less dilution) from a raising. Otherwise cheaper credit if it can be found would be even better.

Illiquid