IMO:1. This funding arrangement should not be categorised as a...

IMO:

1. This funding arrangement should not be categorised as a typical capital raising - i.e the market getting flooded with new shares on a date that is generally fixed. I don't evisage this occurring;

2. PAX can draw down at any time, any frequency, and presumably any quantity (is there a minimum?). PAX could and should wait for reasonable SP appreciation prior to any issue, and one would envisage the first issue not being till 2013 unless different expenditure is required.

3. Ensuring the 6 month condition is complied theoretically requires only a minimum quantity of shares. Would a token share suffice to keep the status quo?

4. How much reliance of this funding facility is required in any event should the major project funding be announced shortly? Thus, is this funding facility merely a safety net?

6. If the 18% discount was seen as interest on a pure finance loan, i.e. would the 18% be seen as unreasonable given the risk profile? I don't think so.

These factors in my view do not present the gloomy negative perceptions presented in this forum.

Happy to hear counter arguments.

PT