Equipment Sale, page-42

Hi Duck.

You are right to say a TO is on the cards. That is always the case when the sp has dropped below the value of the assets. More likely an external party tI would have thought than existing holders - perhaps somebody who would buy to break it up. Could happen at any time as you say.

In my call to Lachlan he said Peter R was hard at work on the MRE but he is not done yet - some long boring technical reason for that.

However, Lachlan has been pretty good at meeting his guidance and there was no indication from him that he will not meet it again.

Expect the MRE before Christmas.

There still appears to be some selling pressure unfortunately, although its nice to see some trading in the stock for a change.