higher bid is on the cards, page-11

Checking Mosaic's cash position

$21m at 31 March 2010

Also proceeds from sale of Mosaic's Papua New Guinea subsidiary for US11 million ($A12.7 million). Mosaic will also receive a contingent cash payment of $US0.10 ($A0.115) per gigajoule for any reserve increases in the proven plus probable category before December 31, 2012. Alternatively, Mosaic can receive $US2.7 million ($A3.12 million) in cash before an appraisal well is drilled by the buyer.

Assuming the latter alternative is exercised, thats $A15.82m from sale of PNG subsidiary.

Total cash therefore $15.82m from sale of PNG subsidiary
and $21m existing cash.

Total $A36.82m

821 m shares on issue (undiluted)

Equates to cash available of 4.48c/share on an undilited basis.

Something for Mosaic directors to negotiate over with AGL Energy.