Ann: Resignation of Director and Appendix 3z, page-19

I tend to refrain from being excessively negative on HC especially when it's driven by frustration at having made a call and then found Mr Market thinks I am an idiot. Moreover in the case of MAG I bought in the high teens and with the AGC shares and after early sale of most MAG shares for reasons set out below my net position is negative but not by much, so no particular axe to grind.

All that by of intro and with the greatest respect to GB and his analysis, I do agree that a careful review of public announcements to date supports a degree of scepticism.

I too was concerned about the Xmas-eve announcement trick. Even if not a deliberate ploy it was predictable that it would be seen as such. Then after all the hype around Lady I the sudden pursuit of another opportunity in January just looked weird. A para that said something along the lines of the fact this opportunity did not constitute a major change from the existing programme would have been helpful.

That caused me to review old announcements and I too was struck by the sudden change from one spin-out opportunity to another in a totally different state jurisdiction.

But the clincher for me was to read about how this last change, and then all the talk of Lady I, was predicated very much on the Boda discovery by ALK. I get how seeing a rabbit in my garden probably means there is a greater chance of seeing one in my neighbour's. But if my neighbour then spruiks his house for sale on the basis it may come with a rabbit, then I worry a bit.

Now I recognise this is all conjecture. And I really like how much skin mgt has in this game. But I can only make decisions on the info I have, especially if the company is not reassuring me. Moreover the skin mgt has in the game may be an inducement to relatively incoherent action to preserve value...

Still invested a bit and still got AGC but no crime to ask questions.....and each of us should do our own etc etc.