I just dont think you understand what I am saying and I object...

I just dont think you understand what I am saying and I object to your personal and as I see it abusive tone. I am all in favour of exploring ALL options to maximise shareholder value contrary to what you say, but prefer it done at the lowest cost. I think calling for tenders to farm-in at no cost to AXE on potentially - ALL - valuable under explored tenements will multiply what AXE can do many fold in much quicker time than an IPO and more cheaply. An IPO is no magic pudding as it appears you seem to feel and is very expensive and generally mightily good for brokers, advisors and sophisticated investors and their free warrants and not so good for retail SH. The earliest an IPO can happen after advice process is likely approx 4-5 months , possibly longer, with not much to sell ( since as you correctly point out not much drilling has occurred - very different to the COB Jorc inferred situation you mention) which may not be a good time in terms of raising money and may run into Xmas etc. My earlier mention of COB was to illustrate a staged, conditional transfer of beneficial ownership with ongoing royalties to BPL as YOU in an earlier post had seemed to infer the farm-in company gets 51% then "reneges" and does what it wants - not so -and might be useful to read the -STAGES- COB is going through as an example or as I also mentioned CZI and AUZ, so my point was clear. Its not academic at all to raise these issues as I will be very pleasantly surprised if the selfless corporate advisors come back suggesting a simple tender for farm -in. I strongly doubt for example that the recently cancelled icobalt IPO (by MTC ) (with attendant costs and delays) ,came into being without any corporate advisor's 'advice'. I'm not going to reply to anything else you say and suggest you re-read far more carefully my postings.