Email from John Gurney to an investor who has put up £1m

I have no control over the voice mail. The system belongs to ORANGE. the time when you could not get through was when someone else had custody of my telephone. the only other time the phone doesn't work is because I am on a train or down the tube. For some reason Orange won't work on the train.

For several weeks now you have been agitated on a number of occasions and I have told you sit back and chill out. Everything is fine and now we have control of the shipyard we are putting in place medium term finance $60m, backed by the local partner, a short term overdraft and LC facility. I have checked back trough emails and notes and all these things have been mentioned.

I told you there were a sack of security documents signed 6-8 weeks ago, some for tactical reasons and priority searches were put on at the land Registry to protect your position should we need to use any of these securities. I then said that the main security was the Bahamas which is worth $50-$100m.

Stve, I have told you time and time again that I wwould look after your interests better than you would yourself. I have put in train three different money raising schemes for the yard all of which are now coming through. They were timed for the endo f Novemebr and at worst they will slip a couple of days.

I have also gone out and done a deal on the BAhamas which I can do over the weekend and have you money on Monday. That is my preferred route. Th overdraft funds should be in the bank account ready for transfer tomorrow. The letter of credits start t be issued at the same time but the one proposed for you has to go to another company in Switzerland who bank with UBS who will discount it and then pay you. Probable timing a week.

The best deal for everyone is the Bahamas

In the last six weeks I have done the deal on the Bahamas, this will raise some $20m Michael and I have done the deal with SHeik Faisel, the local partner and he is putting in $60m. Faisel is number 3 in Sharjhah. Prince Monsour from Abu Dhabi is rig cos sponsor and he is the number 2 man in the UAE and he has raised us $200m I have just about won the case against the Norwegians. All this against a back drop of out main customer being Iranian and there money going further and further away. We have also letters of intent for 9 new rigs, the first going to contract right now. These are at $180m each with a 5% deposit paid when each contract is signed.

You said you wanted to be director of the business and be able to portray yourself as that in The best deal for everyone is the Bahamas

In the last six weeks I have done the deal on the Bahamas, this will raise some $20m Michael and I have done the deal with SHeik Faisel, the local partner and he is putting in $60m. Faisel is number 3 in Sharjhah. Prince Monsour from Abu Dhabi is rig cos sponsor and he is the number 2 man in the UAE and he has raised us $200m

I have just about won the case against the Norwegians. All this against a back drop of out main customer being Iranian and there money going further and further away. We have also letters of intent for 9 new rigs, the first going to contract right now. These are at $180m each with a 5% deposit paid when each contract is signed.

You said you wanted to be director of the business and be able to portray yourself as that in Thailand. I arranged it. I also haven't forgotten the plot of land in the Bahamas etc which were all part of the deal.

Were I am disappointed is that after becoming a director you don't act like one. As such you need a balanced perspective across your needs and the business needs. You are being payed all the money you are owed, if it is a day or two late you have to put on the business hat and basicaly say so what and well done guys doing such a brilliant job.

Regards

John I have your e-mail. I have taken on board everything you have said(not that I agree with it all) I will today put my ticket on hold for the time being.