Ann: Letter to Shareholders, page-38

Yes, that is broardly ballpark. The real issue is that they are working off the worst and most bearish assumptions. I would argue that their assumptions are wrong. Shareholders all accept that they will take a haircut. Even the original restructure resulted in a dilution. Whether its a dilution or a transfer, that is a given. It is a question of what is appropriate. I would say that figure needs to be well north of 2%. I still cannot work out why the originally restructure proposals were not followed. Nothing was said to the market and Woods himself later stated after CNNC chose not to exercise their "option" that there was a robust platform to restructure this company, yet reading the report, sweet FA was done.