Dear David, page-4

Yep, I bought for the strategic opportunity in the hope that AGO could ultimately achieve rail, NWI and H2. I thought they would need a JV or partner and never doubted it would be difficult to negotiate. I lost faith and pulled out at 63c (burnt half of my capital).
On reflection the BS we were being fed was a big part of the problem, kept us hopeful. I recall the Chairman chimed in once or twice to back up the CEO's rhetoric. How embarassing for them, that their Development Mgr had to talk a more straight line and guide the market to the realisation that a rail deal was not going to happen.
FT