Ann: Update on negotiations with Caspian Limited, page-7

Dont be too hard on yourself for reloading - if the Caspian outcome was more agreeable, you'd be calling yourself a genius as IEC would have gone up not down. We can only do our best with the information available and i felt it was worth the risk at the time too.

All that said, the outcome of this is very disappointing. If Caspian performed half as badly as claimed, i would have thought we'd do a lot better than a 25% discount at trial but it depends on the contract and there's always risks in litigation.

Anyways, hopefully theres no more multi million dollar giveaways to unscrupulous Tanzanian operators as im pretty sure the IEC balance sheet wont cope. To that end, I'm a lot less optimistic of an IEC rerate before the global ecenomy craps itself now so will have to reconsider the longevity of my investment.