Hi BombadierMaybe you missed it - but we are pi**ed off with Ted...

Hi Bombadier

Maybe you missed it - but we are pi**ed off with Ted (if the placement happens at 70 cents that is). And particularly pi**ed off with the insider trading that has vapourised shareholder gains. I have no overall problem with HDR raising funds in the UK or elsewhere but the way this appears to have been done is looking pretty shonky (like last year's exit by insiders before Courbine results - I didn't sell and lost a fortune!).

With regard to Ted's potential masterstroke - I agree this is not looking like one at present. But recall how he made the placement to Woodside at $1.10 after Chinguetti and before Courbine - this proved a good move in terms of getting cash from the placement because he may have only got 40 cents after Courbine. It also firmed the relationship with WPL and he obtained a big brother guarantee from WPL not to move to a takeover within 12 months unless someone else. All of this was a good result and the cash has funded this year's discoveries.

Ted's task is to maximise shareholder value but he also needs to manage risk. He did it well last year - perhaps that's why I and others will be dissappointed if he has not maximised the company's and shareholder's position this time around.

Cheers

H