where to begin?, page-16

Hi mikey,

Yes i did sell out of my options the other day.

I bought the options last year around july/august being told our 'flagship asset' the seychelles would have the farmout completed by December. I thought this gave us plenty of time, so i jumped in to the options full hog.

Then i remember an announcement last year before the end of december where the farmout on the timeline had been extended to March, in which myself and my boss cringed (we held over 6m options at the time, and he is a top 20 holder of the heads) and called Steve for clarification.

My boss was told over the phone that the farmout was on track and the extension of the timeline was due to the fact that they needed time for paperwork and regulatory approvals, legals, etc. Mind you, Steve was quite peeved at our call, stating numerous times that he would not disclose any information about the farmout to us, and that it would be 'insider trading' if he were to do so, something which i found to be a bit out of taste when talking to someone of my boss's calibre with the company.

Then steve came onto BRR and stated the same thing to the market. "Everything is on track, we just extended the timeline to ensure enough time for the paperwork/legals, etc" (forgive me for not having the correct quote, but i am work..)

Looking back on the past 6 months since my decision to stay on board with the options, there have been many companies such as CCC, OBL, BRU, MEO, PCL (from memory) etc that have all been on my watchlist that have increased astronomically compared with WHN 's progress. I made a concious choice to sell out and lose 50% of my investment to pursue other stocks over the next 6 months, to hopefully make my money back and more. It's just not a rewarding investment anymore.

I do believe in WHN and the underlying story, i just don't believe management anymore and their ability to justify their actions. You can't tell the market one thing, and be doing something completely different.

No doubt, murphy's law suggests steve will announce some good news next week and make you and i look like fools for selling out, but the reality is, the risk/reward ratio for the options just wasn't right for me any more.

We were the believers at the start mikey, and I still have every belief in the company and the story. The timelines and management communication need work, a lot of work. Which is strange for me to say, because i was doing nothing but singing their praises for a good part of the last 10 months....

GLTA, I wish everyone the best. I will hang around and pop in to see how things progress.

Take care,
Chris