transfield services implications, page-12

Implications...thats a very relevant heading

5 ann's in quick succession..

recall the order of the last 5 announcements...

ARUP REPORT

SECURING OF SHARES FOR ZCCN

TRANFIELD MOU ( operations and maintenance )

PACIFIC CAP NOTE COMPLETION.

A required chronology imo



One of the conditions within any memorandum of understanding, that any major backer would stipulate, must be, ''subject to securing working capital'', after all the memorandum of understanding is to operate and maintain what ?

The manner in which options were ex'd then used as escrowed security for the ZCCN ( PAC CAP NOTE ) was a well thought out negotiation that minimises dilution for share holders.

The chronology of these 5 closely linked ann's are not ad hoc.

They are inexorably linked.

Anyone at all immersed in the prognosis of future milestones will be able to place the following potential anns's in order

Stategic backer and ip buy out

Insto cap raising as an interim draw down facility that is more competitive, and less dilution creating than any potentially final foretrend draw down as an interim to ZCCN funding kicking in.

The nuts and bolts associated with the manner in which strategic investment will be done to further minimise dilution.

A share holder loyalty pp

Allocation of land in ''the valley'' for scores of 150,000 t/pa Coldry plants.