Ann: Ceasing to be a substantial holder , page-2

Paradice have been selling down their holding since 2012 and that partly explains the weakness of White Energy over that time.

The court case due in Singapore versus Bayan has been running since Nov 2011 and 2014 is not certain to see a conclusion, and this represents half of the company's decline after the bankruptcy of the Tabang Project. The rest is mostly due to the coal sectors major reversal and the Cascade Coal saga.

Buying the profitable Mountainside Project looks to be a good patient decision taken. The partnership to upgrade coal was taken as neutral by the market due to the cost, uncertainty and the Tabang failure.

The River Energy joint venture is getting a lot nearer production and sales, however, coal prices remain low.

Company looks to be generally on track in South Africa and the States. The court case in Singapore is moving to a very slow conclusion, as is, the development of and coal sales at Phillipson.

White Energy needs to widen their investment scope to not just include coal. After the Paradice ann their may be a short term bounce back, imho.