Ann: Noosa Mining Conference Presentation, page-24

Cap raises are always at a "managed price", and usually that price is what the big boys are willing to pay (aside from dodgy deals with mates). Given that management own about 50% of this company, I think they would be keen for the best possible price in cap raises.

AOK has always been conservative with estimates and personally I like to know the potential bad news before the good news. Most instos want this too. They hate surprises. If you want them on board, and they buy on the back of a glowing presentation at Noosa, how do you think they will feel if the SP tanks days later in the back of unexpected production declines and belated spin by management. Bridges burned and trust destroyed.

They flagged the production decline in May and the legitimate reasons why. I'm sure they would have been careful to disclose this information in Noosa. Today's announcement was probably for the benefit of anyone who drank too many reds to pay attention to the disclosures. Management wants to make sure buyers are filly informed.

The next monthly is supposed to give a more detailed well break down which will be the new format. Clearly they are going for a substance over spin / no surprises policy. Compare with the spin over substance at RFE. Excited retail holders were left holding the the can when the charade finally ended.