Ann: Trading Halt, page-129

Sounds like your suggesting ARU are not obliging with their continued disclosures.

- You cannot claim a debt to equity and than simply turn around and say, surprise all equity. The money layer your discussing was always overs. Recall Canada is applying $450M of debt.
- You cannot claim to the market $1.4B capex plus contingency and then say I have changed my mind without cause to $2.3B. They have noted every ANN that they would advise if there was reason to suggest it has increase in costs. To date, costs have subtle increased, but offset by cost savings through engineering.

If they have as you state, it’s non disclosures and legal consequences- I don’t think that’s a risk they would take. As we based our investing on their notices and $1.4B is a far cry from $2.3B

Yet, if they raise and put in place, then they do not have to use. Why? At a later date they can call on… why a later date… it follows stage 2. Loan tenure of 12.2 years- your flexibility.