Ann: Appendix 4E , page-7

Just reading through the commentary there may also be some insto selling now that it appears that no capital raising is on the cards.

Many will have been holding ST in anticipation of another cap raising at a discount to SP.

IMO, if MOF can get through this current period without more dilution (appears likely from 3 page media release quotes) then it will do relatively better than those (GMG and GPT) that double-dipped recently over time - more of the profits will accrue to us undiluted shareholders.

Note GPT and GMG are now trading very close to NTA and with much more boring divi yeilds and PE ratios.

MOF, by not diluting shareholders AGAIN, has left much more on the table for us in the next 3 years as the cycle recovers.

Cheers
John