expensive, page-28

Boiler

Thank you for your tips on how to determine company cash balances and inflows/outflow, I am fully aware of ABU's cash position and the rate of cash burn. I would not touch a stock if I didn't analyze these aspects amongst others.

I have followed a lot of raisings, I can assure you that rarely company will wait for a near zero cash balance, and very often will do a pre-emptive raising when SP is strong, which is the case now. Also, it often co-incides with a round of publicity and presentations to brokers.

Now, if you really want to make an educated guess about CR timing, you need to dig a bit deeper than just check the cash balance and cash burn rate. Have a look at history of CRs and at what cash balances they were done in the past.

Therefore, I re-iterate, I would not be surprised at all if there was a CR in the first quarter next year. I have forgotten that there will be a bit less cash burn around the wet season, so maybe second quarter. So perhaps my term "not too far away" is ambiguous given most holders/readers are probably ST traders at this point.

As I said, I think it is a good company just run a bit too hard for no particular reason that I can see. It always had sexy drill results, so no surprises there. I am happy to re-enter if it drops to slightly more realistic levels.

My opinions only, sorry don't mean to rain on your parade.

Cheers