just curious, page-9

IMO

* No need to capital raise and I dont think they will
* merge with PDY def required and will happen soon, hence
no need to cap raise
* Terry to join board of PDY - that will then make it a
prett robust board with the 2 new fella's
* fair value closer to 2.5 if not 3 times.
* Takeover of AGU will need to be at premium as also
have to factor in that combined entity will be more
valuable than current structure so premium should be
paid to ensure that it gets taken up. Should be a real
benefit for both PDY and AGU shareholders to get the
whole project into one vehicle
* Also need a very high take up rate for it to be
successful so again, premium needs to be factored in to
ensure AGU shareholders agree to the takeover

Overall, things starting to look good and I think getting set at these levels, particularly in AGU will be a good move.