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SLL - Thu, 02 Jan 03 :

Reval - I tried to speak to Sandy Choi (co sec) the other day but the London office is closed till 13/1/03. One of my questions to her will be simonevans' point (above) re the loan stock conversion. The accs (latest interims) have stated that this will happen at 3p, but the delay in doing it is worrying. When I do get to speak to Sandy, I will ask if there is anything behind this price slide beyond small cap apathy and the MMs trying to shake out stock cheap. The oil price spike over the past few days is most likely to be the catalyst given the previously expressed fears (from FTO) of the possible negative impact of Mid-east tensions. No other thoughts at this point, other than that I won't be reducing and may be adding.


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