Nando, thank you for reminding us of what I think we have...

Nando, thank you for reminding us of what I think we have accepted as a negative certainty.

The reserves will be worse than those that drove the price to $1.40 and potential values up to $3.

The point is, has been and remains what value the reserves will now support.

I have no information that says that reserves cannot be stay close to where they were, but logic says it cannot be.

I have no information that says that reserves will drop such that they will support a value lower than the current price. Human behavior and logic or reason suggests to me that the reserves will support a higher valuation.

3 reasons for this include:

People have oversold, at low volume, on assuming things are worse than reality.

If things were that bad then directors would have felt compelled to comment before now.

Further pressure on disclosure by directors about significant problems with the genuine reserves and value of business was created by the cash raising.

If you or others have better information or insight into behavior, and not just thinking MAD is BAD, then I am interested.