Nursery, I thought that you were switching to build your...

Nursery, I thought that you were switching to build your positions and that you were circulating between the 3 with holding positions in each. It's worth putting the argument if you've not withdrawn cash. The UK Revenue do not usually treat individuals as trading - companies are different. The point about these 3 is the common project.

I'm a bit surprised that the share price has not reacted to the valuations in the target statement. On the face of it, there's got to be a 50% profit potential if AWE are serious. Even if they drop out, the strength of AUT in particular is suggesting that the 40c is reasonably underwritten by fundamentals and there is also to come detail of the H2 2010 drilling programme - and Rancho. The bid value has been consistently above the AWE offer, so they haven't added to their holding yet. Their offer is looking foolish. Are they waiting for Rancho? It doesn't make sense.