trying to remain upbeat, page-6

that's a good point .. and I'm sure insto selling will make it hard for HDR to recover .. as there will be selling into any strength. The timing of the placement and the subsequent bad news also raised my eyebrows .. and I told Simon so at the Sydney presentation. His answer was that it was unfortunate .. no kidding!! And that he has been on the phone every day reassuring the UK instos. I prefer to think that even if they knew there were likley problems with Ching .. they also knew that Uganda would be very significant for them .. and that when selling the placement and in reassuring instos since .. they have pushed this point.

H