Ann: $1,000,000 Investment in Austpac Resources NL, page-12

Hi Fergus

I think there's wide recognition within APG that project management has let APG down in the past. Yet, as we all know, it is the key to completing installation and testing of the NZIRP on time and on budget.

Given our historic lack of project discipline, Colin and Mike will be acutely aware not to repeat the mistakes of the past. I have confidence they will get it right this time. However, costings should have been published with yesterday's announcement. It would have promoted increased confidence and aided transparency and accountability (2 qualities the company needs to demonstrate more often).

Clacko