merger, page-4

In terms of the float, the remaining ARH holders (after deducting Palmer and Chinese holdings) will only have a very small interest in the float. You would expect that Palmer, the Chinese and the supporting brokers will arrange some initial support immediately upon listing.

This of course assumes the float does take place as anticipated and on the previously announced terms.

It is a long way from 31.5 cents or thereabouts to $2.20.

Clearly the market remains very sceptical.