great news, little interest, page-8

FF,

I've taken your advice and checked my facts, I think I can meet you half way.

The original aquisition of Cougar included 147m shares and 172m options and left the register as follows:

Fully paid shares - 333m
Partly paid shares - 40m
PCEO options - 179m
Vendor options - 72m

Options subsequently exercised have been approx 100m PCEO and 25m vendor (to date), which takes the tally of equivelent shares on acquisition to just under 500m.

So I was incorrect to say the shares were pre UCG, however the vast majority were in the purchase of Cougar by PCE. My original position has therefore not changed, being Len has not been splashed out the capital post acquisition to anyone half interested.

All that to say I don't believe share capital is the reason for the static price, unfortunately I don't have an answer as to what is.