Ann: Response to ASX Query Letter, page-102

Absolutely ' Correctomundo ' And unfortunately " Bears do relieve themselves in tree rich environments" Nice post by the way.

Bottom line in this game matey is - you have to accept the potential gains as well as the offsetting losses in your trading strategies. And you will have them. I've taken speculative positions on many things before including ' in the money ' options and lost more in their short term to expiry . Not everything goes exactly or totally per plan. That's what make trading so interesting and enjoyable. If you can't handle the stress and keep a calm head ...free of emotions , then this business is clearly not for you.

You have to have contingencies and an over riding strategy in place. That's why we stop our position's and always average our entries in a progressive and thought out manner. If you take MTL , VIC and HDY. I do know which one of these I would rather be positioned on ATM. The cash in the bank alone gives us a little more certainty at these levels and of course the knowledge of the Sub's now also puts the overall intentions of the deal into a little more positive perspective IMO.......