Ann: Webinar - Q&A session with James Marsh, Managing Director, page-156

The reason given for delay in release of DFS is, unfortunately, BS. It's not ready - which JM admitted in the webinar (all the comments about the geos working hard on the different bits of CRM, PRM, needing a fourth person etc). THEN the problem would be that the DFS would have to be incorporated into all the takeover documentation (independent experts report for MEP, for example which incorporates a value for ADN shares) which would push the takeover out beyond the DFS. So far better to keep tinkering with the DFS so that it's not ready and hence not caught by continuous disclosure requirement, get the takeover through, then release it when it's ready early next year. JM also needs to realise MEP shareholders watch, that so smugly alluding to getting a good deal (accretive, accretive, accretive) potentially pisses them off. In fairness, if you are an MEP holder, these questions should be addressed to Foskett, not JM. Whatever his technical capabilities, which are prodigious, JM is veering into spin mode. The fact his Chair who should be keeping a rein on him is in Canada leaves JM to do as he pleases without the constraints of a continuous disclosure committee/minder. Dangerous. Way too much alluding to things coming. He should just say "we are working on XYZ" not "we are working on XYZ and getting great results and talking to mega-company". If the ASX were any use, he'd get pinged, so thank your lucky stars they are not. Most of the optimistic things about capital were properly couched ("hoping", "trying" etc) so beware of being rock solid about no more capital raises. I'm virtually certain there WILL be one due to delays, need for additional buffers by banks, etc. But that doesn't mean it will be at 15c and may not be that big either. That whole webinar was designed to quieten you folks down - that's all - and why you should be just a little more sceptical. Disc: Holding MEP and frantically arbing.