CAE Chart, page-196

Hi Bruce,

If I am in Sydney or your coming this way then would love to meet up as it is great to talk to someone interested in the market. I did a 6 months stint in property in the Sunshine Coast but wasn't a great market and went back to accounting for a few years instead.

There would have been a very small amount of Paul's shares sold at 63.5 if my thinking is correct and I believe he could have lost big time. Losing all the shares with the value they have and more especially what their market value should be means the value lost is potentially north of $20m. If he had kept the value around 60c then he would of made far more money and was only holding the value down if he could get more shares below 20c and then 30c but likely was selling more shares to keep the price down and forced into buying at higher prices than sold. I doubt he would have loaned any shares and potentially more likely he might have borrowed shares (a bigger issue). The way the shares have been kept down is a reputational issue for the company having only offered him the shares if my analysis of the pump and dump is correct. I think there are lessons in this to be learned as anyone that bought north of 40c and have my belief in what happened is damaging to CAE's reputation to do a deal when the shares likely have traded in such a way. Ultimately the shares will move well north of 40c but Paul in my opinion has lost almost all his shares as a result so if correct he is the big loser.

Rockhampton is around 180km from the site and have every faith given such good reports that this is where the company is doing so well. I strongly doubt that the next investor will repeat the mistakes of the last 3 months and so clearly the value will be shown for everyone. If I am correct with the situation with Paul he would be better taking his shares off the market and letting the price rise and then selling them as leaving them isn't of benefit to anyone including himself. It's nice discussing what's going on and the property market is the right place to be as well as being a CAE shareholder.