sp drop, page-10

G'day Axe,

As a rough estimate, the new tax will mean 50% of CAH profit goes in taxes versus 35-40% under the old rules.

So Mr Market will downgrade the value of the company to reflect this.

I think CAH would be $1.65 now without that change.

Anyway, given that I believe tax will be watered down or Labour booted out, CAH is a great buy for mine at $1.45~.

Mkt cap of $235m and cash flow after tax of $50-70m at these gold price levels if Edna May produces 100kozs as planned.

oh and as far as I know, there is only one significant overseas shareholder who joined with the recent placement at $1.32