Spinifex, page-4

"I sold today at 8.5c becuase my track record with share placements are not good, although SPX's prospects still look good to me". chas g

G'day Chas,
You wouldv'e been very fortunate indeed to have any track record at all with the recent SPX placement. The greed of those involved in handling the placement was unbelievable. Talk about snouts in the trough, our Politicians have nothing on this mob.
As to the consolidation, like you I've yet to be involved in one that has been of any benefit to me. The only difference with this one is the perceived "discount" benefit for existing holders mentioned in the announcement, albeit based on a price of 9.5 cents.
Last trade at time of typing was 8.0 cents so it's not what it seems (ie the 30% discount) when you do the sums this very instant.
Having said all that, SPX do have good prospects in Tanzania and are currently drilling. I spoke the bloke (from Jo'burg) manning the South African booth at the recent Gold Conference, he told me that foreign investment in Tanzanian resource exploration is welcomed by the government and is not at risk, although "little Johnny's" comments about the leadership in Tanzania at the recent Heads of Government get together left a lot to be desired re alienating our investments over there.
So, I'm hanging in there.
Good luck with your investments Chas,
Carl.