Ann: Trading Halt, page-22

At the moment (13:37 GMT), MTR at 2.8p is down 14.5%, after the approx 10% rise last Friday in anticipation of the MOD Ann. MTR took the opportunity this morning to issue a relatively largeish placing at 2.8p, restricted to its largest shareholders and other "high net worth individuals", and the SP has consequently slumped over the perceived dilution. The fact that MTR owns a chunky share of MOD's shares and its future discoveries and production, so its NAV must surely have increased following MOD's announcement today, appears to have passed the market by.

Some participants on the MTR discussion board at LSE.co.uk also claim to be very disappointed by MOD's T4 results, due to the 250m depth of the discoveries (see "itsaduster" @ 08:05 GMT today, plus subsequent comments).