Ann: Share Purchase Plan Offer Document, page-111

Esh, many times you have mentioned risk, risk in the build and commissioning. So in the next 18 months what could happen? The chance of the drill hitting a bigger richer vein is slim but not out of the question so that’s unlikely to drive the SP higher. The chances are this could trade back into the teens on low volume over the next year, bots could just keep screwing the price down and if the company needed additional cash a raise in the teens wouldn’t be in the interest of anyone currently holding. That Risk has been killed off.
As for Pil and his assertion WAF should have been in production a year ago with a million oz with 30 odd million cash and heaps more drilling to come before a finalised mine plan , or a cash sale for what dollars? No one pays for maybe or potential Au oz they pay for Au oz. SH would have been really angry if management gave it away for 30c a share a year ago even if that price could have been achieved.
The most money is always made if SH get into these companies very early and hold till the end (yes I know I am not telling anyone anything new), but timing an entry at this time is always risky and Esh you seem most pissed off because you got your timing slightly incorrect, but your risk of losing money is almost negligible and of making a profit albeit small is very high so stop your whinging.
The attached newspaper clipping might give SH some insight into what may have been on the table at the time, obviously management had offers, offers the promptly rejected.
The next year and half could be hard for WAF but it will be over before you know it.