Ann: Silver Lake and Doray Merger Presentation, page-22

Depends what the debt is being used for -isnt it - making road base at AW = bad debt or exploiting high grade seams with a high return on capital = good debt. SLR has stolen our little gem. Well done. 6 snouts in the trough and pay increases and performance bonuses to follow drowning in all that cash. What are six directors going to do with themselves all day. By the time this will be implemented Doray will be debt free. Cannot understand why LJ did not pick a more appropriate time. V disappointed.