manipulation or market forces, page-9

Paddy,

Your comments are welcome and excellent. That said, in business PERCEPTION is everything!!!

Go read TAM's Quarterly - in fact, go and do what I have done and read there last 20. Then please come back and adjust your comments re: their profitability and the fact that they have a non-existant cash component on their balance sheet (apart from the $25m of debt they hold). They are not putting profits into the ground, they are masking their woes in the name of a fantastic discovery named groundrush. TAM will turn ugly, you can fund exploration with debt. My view is by years end they will have $40m + of debt and this time, unfortunately no meaningful stake in ABM to bail themselves out. What then Paddy??

ABM has $25m of cash, well enough for 2 full field seasons (and if any of you are good enough to predict where markets will be in 2014/15 then you are a whole lot smarter than me)!! Its all about optionality, and at present ABM is strong enough on balance sheet to see out the current mkt woes.

ABM trend will change when the buying dictates - unfortunately we are not yet at that point. We may loose some previously strong and loyal shareholders on the way - thats business.

Best

Pete