Ann: Company Secretary Appointment , page-3

it took some prtty creative beancounting to come up with $66M in creditors - apparantly it was on the basis of Glencore losing future profits from its offtake agreement - what a crock!

won't make much difference, the essence of the recap proposal is that us existing mug shareholders get diluted 1 for 50 which takes issued shares from approx 800M to 16M - this is going to be followed by the issue of 250M shares to the promotors, 20M to creditors and a few other sundry issues

essentially we will be left with 3/5ths of 5/8ths of bugger all

cheers

t