Ann: Share Purchase Plan For Shareholders, page-9

Mongrel,

A lot of fee simply too high, salary payments need to be below $400K pa (for entire company). In current IO environment IMHO it is extremely unlike ROY will get anywhere for next 5 yrs. "The big 5 producers will increase production by 40% (ie over 1.5 Billion t) by 2017", but demand is slowing. Mongrel, we will have the same discussion in 2017. Besides you really need to produce around 100mt+ pa to be cost competitive.

Investors push down to below 4c (subscription price) so clearly a negative sign.