Ann: Shortfall Offer, page-15

I wonder what they were thinking particularly when the SP is much lower on market than through the offer - wouldn't they expect minimal uptake or do they think investors are fond of losing money. Now they've only once again placed another cap on the SP pending release of further developments for a month. Bulk sampling is due to commence a month after the end of the shortfall offer. Why the rush? At this rate it won't make a difference once funds are collected, concentrator selection and capital allocation plans and decisions made, they won't be able to utilise the capital in time at this rate unless they plan on delaying plans so why can't they do things properly instead of rushing into it. Although sure, better late than never? We'll see, I guess the term gold rush really has some underlying justifications.

They'd have a lot more kudos from shareholders and more success in reaching into our pockets for capital in that case which would be beneficial for all in the long term as compared to destroying shareholder faith in management and particularly market sentiment to the stock.

Yeah it surely pisses people off, particularly loyal long term holders. Management is always sending the wrong message it's REALLY not a good impression, always back tracking on their words, screwing long term holders, diluting their share in future gains, lack of proof reading in releases and presentations and every announcement rehashes the exact same thing. NTL is lucky that gold is under their hills. If they had nothing under it they'd be long gone. I wonder what NTL would be like with better management. That being said, am holding and will continue to hold despite the downfalls of management.

I know it seems like I bash management a lot although I truely believe these decisions have been made poorly. I said the same thing re:SPP offer and re: delayed releases about management and rightly so because look at where we are now... even long term these will have unintended consequences. "Nerfing" and diluting long term holder gains for one, increasing risk exposure for long term holders another.

I WANT to STRESS, please don't get me wrong I'm sure management has good intentions although their execution is questionable to say the very least, particularly re:timing which hurts the company in the long term. I may be wrong in the long term and in fact I HOPE I am WRONG. I await for them to increase shareholder equity in a meaningful manner. Until then, not exactly impressed.