Ann: Share Purchase Plan Offer Booklet, page-5

The timing of the CR was certainly badly planned, and the need for it should have been anticipated at least 6 months ago. If the SP had been at or above 6.6c I would have been happy to participate to put a few more dollars in the kitty, but I don't think too many people will pay a premium on the SP to save a few dollars on brokerage.

Despite the problem which they have brought on themselves, they have two very promising projects, either of which could/should be sufficient to justify the current SP. Mt. Carlton should provide many more years of profitable production, and the high grade deposits in Victoria could well be another Bendigo-style field.

They just need some better planning and management, and to improve their communication with shareholders and the market.