MarwoodeOr d/ Bruce reckons the current valuation is so...

Marwoode

Or d/ Bruce reckons the current valuation is so underpriced that he can see a window of opportunity to make some dough for himself further up the road.

If the share price is not re-rated by October/November we will be absolutely diluted to the max in the rights issue. If the share price stagnates at this level we'll be seeing this rights issue at $1.20 That's a lot of shares to raise $150 million. Bruce is on his North American road trip at the moment selling the positives of this merger to the unhappy sophiscated shareholdrs in the N. Hemisphere.

As we've been told or led to believe that it's a merger of equals and theirs numerous theories as to why CAH is down 20%. I hope Catalpa's letter of explanation is 100% correct and the gold price holds for at least another year or 2. I'm not as confident as the Catalpa board on the fundamentals of the gold price going forward.