Beau Canada - Project Merlin

You may be aware, but all of the hard work was worth it. The Project Merlin
debt, including full recovery of our legal fees, was repaid, in cash, last
Friday. Also, Murphy purchased Beau Canada last week, with the effect that
we are able to exit our equity position at what I understand was a reasonable
return, and we continue to hold debenture security over all of the assets to
secure our trading positions. In short, (a) debt repaid in full in cash, (b)
equity recovered for good value, and © trading positions secured. Things
were on the edge there for a while, so all in all, an excellent result.

Many thanks and regards, Peter.