Phockey,

Yes I did refer to the anticipated effective date a couple of times since the release of the circular last year. Without looking, I believe the earliest effective date was expected around Nov 28 th last year, here we are over 3 months past that, but are getting close.

Todays release states that the requirements are almost complete, ie; PP, and this was no doubt part of the hang up. Management had to sell some shares to cash this up and maintain a good percentage of shares held by management. You need a good porrtion of shares held by management as a sign of strength, especially for this new company, in order for it to function properly.

Back to the effective date; ok it says the effective date and record date will be the same, meaning that when it is announced what day the effective date will be, you will have to own SLI shares on that day to get the pro rata distribution of Havilah shares. The effective date may be announced a week or so ahead of time so people have a chance to grab some shares and have ample time to make a decision to buy. When the effective/record date is set, it will take at least 2 clearing days before the shares become tradeable, and most likely a few days longer, at the least.

This is my understanding of how it will work, if anyone has a better explanation, feel free to throw it up here.