Ann: Company to meet final conditions before rein, page-24

re: Ann: Company to meet final conditions bef... Happypunter,

I am also frustrated with lack of transparency.

There was no Dec Qtr report at the end of Jan for some reason.

If you look at the top 20 Announcement 7 Dec WAL has 11,265,938 Shares in itself. (Shareholder 3 & 15) these shares came from buybacks I have always know Buy Back shares to be cancelled.

Therefore shares on issue 53,033,255 less 11,265,938 equals= 41,767,317.

It is also interesting that the top 20 or 18 hold 79.46% of WAL.

WAL holds 9,664,949 + 7,600,000 equals 17,264,949 Shares in CLR @ $1.345 equals $23.221 Mil
53,033,255 div $23.221 Mil= $0.42 per Share.
41,767,317 div $23.221 Mil= $0.56. Per Share.

Note the above excludes the suggested $500K WAL has in the bank and the off market options. (9.2 Mil Shares @ $0.40 Exp Aug 2016.)
41,767,317 + 9,200,000= 50,967,317 Div $23.221 Mil plus $500,000 = 23.721Mil Therefore$0.47 Per Share.

WAL also owns 50% of some land refer Announcement dated 1 July 2011 Current valuation between $8 Mil previous valuation $17.5 Mil. That’s $4Mil not added to the above.

CLR currently has the data room open and it has been suggested there could be a takeover offer late Feb.

Also WAL has an Borneo tenement which could have a lot of potential. Refer Announcement 7 Feb.

Clearly on WAL shares alone WAL should be trading around $0.45 cents.

Could I suggest you give WAL a call.

I still cant comprehend why the ASX has not insisted WAL publish a Dec Qtr report.

WAL is undervalued and unloved currently.

I am sitting.



Please DYOR.