Ann: Canaccord Research Note , page-6

Good post Bullant - nice to have you back on the JAL thread!

I agree with your views - ATU have done very well but still a lot of work to do and everything will have to proceed exceptionally well to sustain the rise. Well done to holders though - you can't take that away from them!!

As for JAL - I've held since IPO, although my main position was bought after the Basin Coal Project "issues" at pretty low prices. I agree that management have done a very good job and are Conservative - which can give us surprises to the upside. Management is one of my main investment criteria.

I still thought we'd be a bit further along at this stage (share price/market cap) but that hasn't occurred and I'd be lying if I said I wasn't a bit disappointed/frustrated. I have had very strong views and belief in JAL for a long time and expected a bit more by now. The Dunlevy permit situation has been very frustrating - now about 12 months later than expected!! This, I know, is not the fault of management and they are endeavouring to get the approvals through.

Anyway - as I've maintained (sometimes like a broken record) I have great belief in this company and intend to see this through for the great potential.

Would like to see some buying on reasonable volume soon.

Regards

Doyle