I picked up the phone and finally spoke to the company this...

I picked up the phone and finally spoke to the company this afternoon.

They suggested that there has been no indication by Patersons (so far) that they will not continue with the underwriting deal and that the company has been canvassing contingencies in case - noting they have access to funds elsewhere.

Also said they could be able to change details of the rights issue - but would be reluctant to do so.

All directors and the chairman have indicated that they will take up their entitlements from the rights issue, but are unable to take additional through shortfall without shareholder approval (therefore too hard to do so). Chairman had indicated he wanted more, but legal advice knocked him back.

Would not deny or confirm whether or not there had been any cooperates in to HQ to 'kick the tyres' - nothing that could be reported to the market!

Panton Project announcement should be expected early in the new year - not December (when the draft report should be landing on management's desks).

John Lewins has flown to South Africa.

The company said they were focused on returning shareholder value and the the turn around of Smokey Hills is their number one priority.

Gus