I think you've pretty much nailed it, sergeant. The market...

I think you've pretty much nailed it, sergeant. The market definitely prefers under promising and over achieving rather than vice-versa. And your comments about Baker getting a bit of a hurry up last year from the big end of town for over-promising are insightful. This smacks of the big boys getting set before the frenzy sets in. Everyone's all nicely and fully bought up in the late teens/early twenties (wasn't that a good time to be alive!), and now we wait for the good oil to start flowing. Clearly they all see significant upside or they wouldn't have a seat at the table.

I agree, Rudders. There was enough in the announcement, or at least in the way it was written, to cause doubt in some minds. but what happened? Muted reaction at best. No time now for the faint-hearted. We all know the upside is there.

As for the question of a consolidation now or at a higher price, what are the pros and cons? Off the top of my head, perhaps it's better to wait until you get a lift in price, then the consolidation results in a commensurately larger SP which makes people sit up and take notice, as opposed to doing it now and facing something of an uphill struggle to get the lift to desired levels. Be interested to hear what others think.

On balance, I'm not prepared to bail now in the hope of trying to get back a cent or two cheaper. The risk of it running is too great.

P.S. Stitiches, what questions were asked at the meeting, and what responses? Thanks.