I received this message from RM today in response to my email raising questions posed by CJR (highlight by me):

To date, I have not been advised of any problems arising in the Company's pursuit of a debt refinance. I have maintained communication with Bob and others involved in this initiative. I understand the Company continues to believe there is a market there for high yield paper in a low yield environment. I have not heard of any convertibility nor equity component in the initiative.

The current $100 million notes are due December 23, 2011 and the Company is working to complete the refinancing initiative in a timely manner to retire the existing debt at its maturity as per the original terms of the notes.

I have seen the increased trading activity and could only surmise that some are starting to speculate/position on the prospects of the above initiative. While watching broker/trader names on the TSX is a nice feature one can only speculate on who is trading what side and for who. We certainly have no knowledge of that.

Rgds,

Richard