chairman's address, page-2

Yes, a positive announcement in both detail and intent. The Evergreen story is kinda' murky and I would very much like some more detail in this area. If Evergreen goes belly-up, how does that complicate things?

The numbers?

Cash - clearly easy to calculate at 5.8cps

Port - let's use half the $38m mentioned by the Chairman, equivalent to 14.7cps

Coal - if we assume the lower end of the resource range given (i.e. 552m tonnes), we can calculate 16.0cps.

So, all up 36.5cps....with upside risk (assuming the Evergreen thing can be sorted and the process works).

So you can see why Bob has been allocating a smallish chunk of his well earned IO profits to the new entity. I have followed his example in the past to good effect and expect to do so progressively looking forward.

In a very risky market overall, the risk/reward here looks reasonably compelling.