What is Talon worth?, page-156

You initially said that you guaranteed that the Voice would not impact the Perth Basin.

• This simply cannot hold true
• Notwithstanding the above, this initial position of yours is very different to what you are now saying.

To your current statement:

• You are incorrect in saying I am betting the Voice will impact Perth Basin Gas.
  • I know that the Voice will impact the valuations, as the market prices uncertainty/ risk
  • The Voice increases uncertainty / risk and reduces valuations
  • If the Voice fails, the risk premium will disappear
  • If the Voice passes, the risk premium will increase
  • I am not taking any market position based on the outcome Voice. I'm hoping it doesn't pass so that my investments increase in value

That you are very very comfortable betting that the Voice won't impact the Perth Basin

• This is already a change to your original position, in which you guaranteed it wouldn't.