looks like it is all over, page-4

re: kcn has .. 22 per cent .. Plymouth, I fully understand. KCN did not succeed in acquiring AND this time.

If a White Knight does rescue AND - then it will most likely be with KCN's approval and KCN will do very well out of their investment.

However, there are many of us KCN shareholders who were suspecting that KCN was at this stage offering too high a percentage of KCN to AND shareholders.

With just 22% acquired at 1 for 15 it is a token percentage of KCN that has been acquired by these AND shareholders.

In addition, assuming KCN obtain approval for mining at Chatree North and details of their sell down to the Thai people are favourable, the KCN share price should be very strong.

This could then give KCN the opportunity to make another bid for AND, removing two major areas of concern that AND Management made use of in their defence.