Price, page-27

Hi John,

I actually thought the management stake might be a bit more than 8.65% but you're right. That $70M figure for Giorgetta must've been based on $3.50 share price. Ex director Morgan Hart had around 2% when he resigned in February. He appears to have sold most of his stake since he was no longer in the top 20 in the annual report.

I think there will be sustained short covering for a long period, although the shorters still appear happy to keep adding despite the good quarterly. The only situation I can see for a big short squeeze would be a takeover and that appears pretty unlikely. Newmont were frequently touted as the buyer a while back but they are probably more likely a seller now given the sale of Jundee and the proposed Barrick/Newmont merger . The Regis assets don't really have the scale to be attractive if the Barrick/Newmont merger were to happen.

I think Regis will be sniffing around the market for development assets given the postponement of McPhillamy's. Potentially something from left field like a merger is also possible. Any thoughts?