question re: funding, page-2

They only had a $1.5million interest in REH. I dont blame them for selling it. It helped us out by not diluting our holdings at the ridiculous price of 10c. Besides, REH only own half of the northern hemisphere rights, Carnegie is kicking their bottoms in terms of getting things off the ground, and Carnegie will profit more than enough in the southern hemisphere (personally, and it's just my opinion, but i see them merging way down the track anyway)!

No announcements in regards to funding, but no doubt lots going on behind the scenes (this company is always stitching things together). In a recent media article Ottaviano says that they will raise the money through existing and new shareholders. At the AGM he said they would not have any trouble getting company/institutional support once they have a specific project to develop.

I hope they wont raise any of the cash until they have got funding commitments from both a state govt and the federal Renewable Energy Fund. I wont mind a substantial raising if the SP has already taken off. The gloss of big institutional support, together with big govt support will hopefully go some way to mitigating the share dilution (well, that's my hope anyway - might be naieve).

As yet the top 20 shareholders are not funds or other companies. Burns has too many rich friends who bought in first! Origin, AGL and the like have not bought in like they have with the geothermals. But it will come - hopefully at not too high a cost. It's one of the things i am most looking forward to - the clamour of the big end of town all trying to squeeze through a congested door marked "CNM significant shareholders".