Ann: ACTIVITIES REPORT FOR THE QUARTER ENDED 30 S, page-3

re: Ann: ACTIVITIES REPORT FOR THE QUARTER EN... nicleeson,

As I suspected, cash backing 5c per share but the spending is approximately $200k per quarter and could be more once you drop the interest earned.

That is why i exited with the latest run up.

If Sir Ron either tries to wind up or take over its going to be for less than the cash backing.

So unless the impact of the mop up of the unmarketable parcels is material (which i doubt) i dont think its going to get much better than where it is topday. Already the SP has dropped with the last sale yesterday at 4.5cents