Hi jdieselAppreciate the time taken to reply and putting forward...

Hi jdiesel

Appreciate the time taken to reply and putting forward your thoughts. I originally bought into CCU because it was well on its way to being a producer but little did I know the fun was only just starting. Not being an accountant and on a bit of a learning curve I sometimes get a little bogged down in the finer financial details but looking at the bigger picture I wonder about the following:

* Magna underwrote the last CR - I presume fairly confident in the future of CCU?

* Magna lent $3m in Sept for working capital - still confident or essential to keep CCU viable/ protect their 35% holding?

* Old CEO and board dismantled with new board appointed 18th Dec 2013 - changes demanded by Magna/ CBA? Why would the new board take on such a poison chalice knowing full well the precarious/hopeless nature of the companies finances (with the Half Yearly imminent)? Why commission a Revised Mineral Ore Reserve Statement? Trying to be a 'glass half full' sort of person I'm assuming all the interested parties would have been to some extent confident of CCU's survival - CBA would have been well aware of CCU's inability to raise cash for 21st Feb deadline. In that case you would have to assume the revised deadline and proposed CR is 'last chance saloon' and they will close shop if not sufficient interest in CR.

* As 35% stakeholder Magna obviously stands to lose plenty and as you've indicated could, if they wanted to, approach CBA for the 12.5m buyout - that would be $12.5m on top of a significant loss of their original capital investment - would it not make more sense to once again underwrite the CR (they could take the whole lot and become a majority shareholder for $8m!) The confidence gained by them taking on the underwriting would also inspire a lot of confidence for existing shareholders to participate in the CR and potentially save their current significant investment.

Anyway starting to ramble - just hoping on hope and a belief POS will have a better year this year - I will add to my holdings if underwriter found but failing that I would have to agree my 'glass half full' will probably be empty.

Anybody is very welcome to contribute or take me to task as they wish - it is all a learning experience to me.

Obviously all IMHO and GLTA.

richmez