Ann: Morck Well JV Update, page-3

Thanks TM!

I have been back toiling at work for 2 weeks now.

This looks as if it's compiled from info released by SFR pursuant to its obligation to provide previously unreported info each quarter. Clearly the contents are not price sensitive so far as SFR is concerned, and probably aren't to AUR either. In that regard, my understanding is that even if SFR has something good happen throughout a quarter, but it is not price sensitive but may be price sensitive to AUR, then it will duly inform AUR of that info asap so that it can report pronto. That did not happen here of course during the Dec Q.

Nothing major has been hit, but it seems that SFR still believes that it is in elephant country, which is good to hear. I'll post again on that as soon as I can.

Hey, SFR has spent $7.4m so far on Morcks. There is no way that AUR could have afforded to do that, eh!