Ann: June Quarterly Activities Report, page-19

I see it now being at the point where everyone was at IPO SS. Your points are valid, there have beenvery poor communication points from mg't, but there has also been "over" interpretation and just plain ridiculuous expectations from Navy. Pfoam an utter balls up.

S I'd say reasonably valued as aspec RvR now, with this half to deliver strong indications either way, and by end of financial year we'll know if it's a motzah or a complete dud. IMHO only.