Ann: Becoming a substantial holder, page-10

To be honest I’m not sure how you can find anything to complain about. The board have managed to keep the capital structure tight whilst creating incredible shareholder value for everyone. Can you name the dodgy brokers that were supposedly being used to raise cash as that is a libellous statement?

I’ve been a long term shareholder and have had the opportunity to buy on market, participate in SPP raisings, buy shares in an entitlement issues and buy on market listed options. It sounds like you’re being wise in hindsight and now unhappy you didn’t buy more when you had the chance. In the whole time that I’ve been shareholder the only shares the directors received were in lieu of cash when cash was tight and they were issued at the market price. Otherwise they’ve never been issued with cheap share or options like other lifestyle companies such as NML. .

As for raising cash in secondary placements tell me one company that doesn’t raise the cash quickly through a few people with money. It was only a few years ago that all junior exploration companies had tapped out their shareholder bases with constant rights issues and SPP’s. We are lucky that two majors took the risk in our company when cash has been tight for virtually every other junior gold explorer on the ASX.