not happy jan, page-8

There is no dilution to TBR shareholders through Tapeta. Tapeta only effects TBR through the value of the RND shares that TBR hold. People have been worried about Tapeta here for a long time but in fact RND shares have actually increased from a low of 27.5cents to a maximum of $2.25 while the option remained in force. The reality is with the iron ore price where it is now there is no way on earth that the deal will be consummated on the current dilution metrics IMHO. It can't be justified and just won't happen. I think if you are contemplating investing in either company you've just got to come to terms with the realities. Eventually the market will pay up IMO and eventually there will be an "end game". Management have never been in a hurry and I doubt it's going to change overnight. If you can't live with it sell or stay away. No point complaining as it won't make any difference.

One question I would be interested to know is, if TBR/RND are holding about 160,000-170,000ozs of bullion at the Perth Mint how much bullion does the mint hold in total? I'll bet that the answer would surprise.

Eshmun