Ann: Offer to RLEOA Option Holders, page-24

Did not say they “would not” ...just don’t think it’s great for ob holders either...and I do worry about the continued resort to equity issuance. Please read kipper01’s longish post from 16 th of the month...I just have and it sums up what I feel about oa’s
I do appreciate they have tried to do something,,,but I don’t like it for many reasons...personally I would rather just grin and bear the loss; but really really hope that management will have learnt some lessons! Why :

- flagging lots of interest in joint ventures or farm ins
- also flagging imminent pipeline news which may have involved funding
- making it appear they were going to get an extension on oa’s
- giving us all a great case study in how to kill momentum in the share price!

Yes, despite some significant delays ( which are generally part and parcel of the business), operationally they have kicked some great goals.