Andrew Forest Increase holdings, page-14

Have dome okay in VMY over last 2 years in the 11c to 16c bracket - yes liked the story and it was around the Gov approval that i was trading - talked a lot to mike young and yes VMY looked as good as any other U miner - however the cry wolf syndrome has got to me - ie the U mkt is about to fly "just around the corner". maybe but VMY now 6c - so those who kept the belief are under water - okay that is the risk, but i would also counter the price has risen as a part of the bigger producers cutting back prod - everyone rejoices and has seemed to have had an effect on the prices - meanwhile VMY gone from 10c to 6c - and of course those same producers can turn around restart some of that prod cuts pretty quickly - no one tends to talk about that so the U mkt u would think is limited by that alone apat from the very slow return by japanese reactors etc etc. i may well be back becuase yes at some point in time it will happen - all the U stocks will jump on some new news - but i shall await that event and see if it is worthwile getting back on board - and apart from all of that, even with such a view - i would have taken up 4.5c on offer - wouldn't you??