Ann: Sangomar Project Update, page-50

FAR as usual a leaky ship because the sell side started getting stacked well before the announcements today & yesterday. ASIC should investigate as to when FAR actually received the default notice and when they were aware that they were in default assuming the notice arrived 7 days or so after FAR were aware that they were in default.

FAR should have cash backing of over 1c per share. FAR by using the default provision actually stays in the game longer! Pay up with interest in 6 months and then wait for the next 6 month default bill down the track. Libor plus 2% is a hell of a lot cheaper than the financing that FAR had previously arranged. The sellers are transferring wealth to the big two. Would not be surprised to see change in substantial holdings notice down the track to confirm what I am speculating.