Ann: Shortfall Offer, page-38

Hi flocka,

Not long ago NTL was at 0.5nz.

The SPP raised $1.7m at 2.2nz and now it's open to anyone in NZ or sophisticated investors in Aus.

My view is that the SPP has been good for shareholders, raising funds at a much higher price than last year.

Then we've got further funds at a higher price to last year potentially coming in with options at 2 cents.

Hopefully shareholders have the wherewithal that seems to have escaped you, taking into account the options in their valuation/calculations about the company.

Like the rest of NTL shareholders, I'm looking forward to seeing the value of the cash come back to roost by 400-500% just like last time. As is the case when production kicks off.