comments i received yesterday from fh on wvl

The Deed Administrators are pursuing a reconstruction of Windimurra Vanadium Limiteds (WVL) ASX listed shell. A Reconstruction Deed has been executed with Trident Capital, who is the proponent of the reconstruction. If the reconstruction is successful, WVLs shares will be re-quoted on the ASX. Please note that the proposed reconstruction contemplates a consolidation of WVLs existing share capital on a 1 for 8 basis.



Currently, the Proponent is endeavoring to meet the conditions imposed by the ASX for the proposed reconstruction to proceed further. The proposed reconstruction is also subject to the satisfaction of certain conditions precedent in the Reconstruction Deed, which are expected to be satisfied by 31 December 2010. The conditions precedent include obtaining and receiving approval from shareholders of the proposed reconstruction, at a shareholders meeting to be convened by the Proponent (aimed for December 2010). In this regard, the Proponent will provide shareholders with full information regarding the proposed reconstruction when such information becomes available, but in any event, before shareholders are required to vote in respect of the proposed reconstruction at the shareholders meeting.



Please note that we are unable to confirm the likelihood of success and timing of the proposed reconstruction, as they depend various regulatory and commercial factors (as mentioned above).

Please visit the ASX (www.asx.com) and/or Ferrier Hodgson (www.ferrierhodgson.com) website for current and future updates regarding the proposed reconstruction.