Idle Speculation, page-5

Nathan,

The last rights issue, that I can find, was in May 2009, Shareholders were offered the opportunity to subscribe for 1 new Alliance share for every 12 shares held, with up to 26,244,024 new shares to be issued at a subscription price of 60 cents per share to raise approximately A$15.7 million (before costs).

The proceeds were to used for the development of B4M but I suspect some will have "gone elsewhere".

I do not disagree with your expectation but look what happened to Maldon which was "sold" for a pittance compared with what it had cost shareholders.

Regards,