eoins reply, page-6

Re the marketing side, would be interesting to know exactly what is being said. I don't agree necessarily that nothing works in this current environment. I've seen one of my stocks jump 60% in the month that the sub-prime fall-out was at its worst.

The presentation is obviously the front piece, but it's the behind the scenes stuff that really sells the story. Insto and analyst visits to site, the selling of cashflow projections, etc.

From what we know, the IRL story is a strong one. While the equity markets are difficult, money is always available when pushed into the right ears, and in the context of a good project. MK noted this himself in the AFR a while back.

I can't recall whether he was talking about the debt or capital markets - whatever, the principles are still the same. It was something to the effect that "there is still the money out there, the tightening credit squeeze means that you just have to jump through a few more hoops now to get to it."

Here, it is not just incumbent on management to protect shareholder value by growing the strength of its assets. I believe it also needs to do this by growing the strength of its register. The two have to work in tandem.

My feel is that we need to see genuine efforts from management on the marketing side. At the moment, I'm not getting this sense. BUT, this may be wrong, and we won't know without a look at how the register has changed over the last three or four months. Ideally, we'd see growing institutional support.

BUSH