inco, if i may respond as nrd is in the sin bin.firstly.it may...

inco, if i may respond as nrd is in the sin bin.

firstly.
it may be only me but im finding it difficult to understand how you gain 93cent from your $2.00 options??
i also wonder how you have ended up with these options if your not in the group??

secondly.
you seem to look at things from a one sided view. if the takeover goes through with 80% and some cash is added.
all is great!!
then...if the takeover fails...only with 10% paper profit and down from there she goes.

how about putting some equilibrium into your comments.

when wilua takes off say by end of 2008, i think we can all agree with that statement.

say they prove up 250mil tonne plus ann. a resource of an additional 500mil.

if no merge...(say) shares go to $15.00 with 150mil shares (including all options etc.) total value $2.25bil.

if merger...2.25bil into 1.0bil shares = 2.25

for each GWR shares sold 5 for 1 = 11.25 per share...thats a $3.75 loss per original GWR shares held.

this does not take into account the classic merger which will most likely add another 200mil shares into the takeover. this would make it about $9.35 per share. or a $5.65 loss per original GWR share held.

thirdly.
the management issue.

i agree with you that gary has been slow to ann. up till recently. as you would be aware many were very vocal on HC in relation to gary and management.

as ive said in the past gary was manipulated and had problems with the doutch group having some sort of control.

im sure you will agree it has been to FAS's advantage that GWR ann. and SP has been down??

now it seems gary has broken free and is moving on, even to the point of replacing management with more experiance.
i for one applaud gary for this.

the interesting thing is that your group never complained about gary until he broke free. that says something to me!

lastly your comments in relation to mr wedlock. all with a slant to the negative i must say.

reguardless of reason or what side we support mr wedlock is a great move for this wiluna project. perhaps the biggest thus far.

if you have any comment back imall ears.

cheers.