mining to recommence, page-15

From what I read Admiral Bay in its entirety is up for sale including what has been placed with Grays Online. With the sale of this asset to be known around October 17 and similarly proposals for Queensland at the same date. A sale of AB would give the administrators greater strength in supporting proposals for both the sale of some Queensland assets and also a re-list of a smaller more manageable cost effective Kagara. To their credit the administrators have not sold off any assets in a fire sale manner and one would have to think with the rise in commodity prices and a lower $AU that we must be in this with a fighting chance. The reason I originally bought Kagara was that it was asset wealthy and had great potential and I think this asset wealth is playing an important part in the careful administration process. The other critically important point is a major shareholder has their employees superannuation invested in Kagara and I see this as a driver to the administrators to have Kagara re-listed. The best outcome I believe would be a good sale price for AB and some excess Queensland assets then a small equity raising and a re-list. Do we need new management?? What are your thoughts?