Selling, page-20

Major selling such as WAF hasn't seen for years from a single insto major holder. At this level all the sales are being soaked up... While it is worrying that a major holder is selling, without knowing their buyin and reasons it's silly to speculate.

So the only evidnce we have to support good buying opp, is that the biggest sell-off we have seen is being soaked up in the low 30s, at major volumes. When the sell off ceases, there will be major traction.

My erlier comparison of Gascoyne is very relevant in terms of expcted NPV (I think WAF has more) of reserves at main site, production commencement, parallel exploration holdings and management history. Gascoyne is trading at a 15 percent premium to NPV.

That would transpose to WAF, if NPV of $400 mill. (I expect more) S.P. at around 70c.

I suggests the 5 percent rise on DFS predicted, will be very wrong because of these factor mitigated by the end of sell downs. One must allow a sovreign discount to Gascoyne (Gascoyne is in Australia)... 10 prct?

IMHO, It really boils down to whether the sell down is profit taking, hedging (good for my points) or in'the'know (baaad). Bank Of NS have been in and out like a yo-yo since Jun last year from 7 to 10 percent ... on multiple occasions.