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EL

thanks for the detail of your post on the reasons why you changed your views on COE. I guess the issue is you never expressed this change in sentiment as it was happening in your own mind. Other than the rem piece which we all expressed our views your change in position as expressed via your posts seemed very abrupt.

I dont agree with alot of the of the points you make re Cooper eg.bargou farmout was delayed by the govt not Cooper, etc, However, the truth be known I never saw the success of this bid as making a huge difference on coopers value, it was value accreditive but thats about it. One under valued company biding for another undervalued company with its undervalued script was never going to be life chsnging. With IPM divi, I never had a problem with it really, just didnt seem that prudent when capital rasings, no matter how small are still required. If they were cashed up, had a very low cost profile I would have no problem with it at all and would most likely be a big investor in IPM myself. Also for the record, I have never suggested IPM is not a good stock and if you remember if not for ther low volume I would have bought it myself before the TO bid.

In regard to Cooper, I am less concerned of whether they end up with 25% 35% of 45% of IPM, I am more interested in a successful farmout of Bargou, new reseves in the CB and continued strong cash generation and a buy back

With at least 35% of the shares on issue now out of the market(COE and TPA) it will be interesting to see the impact on IPMs volume. May remain high in S/T if TPA keep buying.

Whatever happens, I respect your analysis and I have enjoyed our exchanges on this one.In my view it is always necessary to be challenged on ones views on stocks, Through this we can be more confident that we have true convictions on our views. I am not saying I may not change my views on COE with future developments but as it stands now I feel as comfortable holding their shares as I ever have.

Good luck - God knows we all need it in this market.