starting to get noticed, page-8

re: nowhere man ... Hi, Blue Griffin. Yes, you’re quite correct, Solagran will receive a cash injection of $770,000 from the 2c call on the Contribs (SLACA). There is no doubt that all the contributions will be made, since non-payment entails forfeiture – in which case underwriters pay the 2c and assume ownership of the Contribs.

Perhaps it is a good idea to let the dust settle before entering SLACB, although in my view they are the preferred entry to SLA. Unlike options, contributing share calls typically come in manageable quanta stretching over several years. Here is the timetable for future calls on the Solagran Contribs:

- $0.03 on 30 November, 2005
- $0.04 on 30 November, 2006
- $0.05 on 30 November, 2007
- $0.05 on 30 November, 2008

Given these advantages, in my view, SLACB should actually trade at a premium. It is remarkable to me that SLACA today traded effectively at a discount, although cum the call I guess that isn’t so very surprising.

Thanks for your good wishes, and best of luck to you too!