dilution, page-14

HS I have a lot of respect for your posts but none of what has happened has been in shareholders interests.

1. As you say no institutional support. Therefore selling to Soph's would generally mean selling to most who would sell out when they got their shares. So who is buying - The shareholders who see long term value and mostly they are the same shareholders who support this company every day by buying more or holding. So in fact those shareholders have only a finite amount of cash and if they buy from someone else @23c than that less they can take up. Now you are reaping the whirlwind too many shares chasing a finite pool of funds. This could well go below 20c as the volumes to sell are just to great.

2. SPP could fail if shareholders can get shares in market below 20c. I for one wont be looking for spp if I can buy cheaper.

3. management could have planned a cap raising better by way of approaching major holders or just a simple spp to existing shareholders. that way they would have soaked up extra cash but not at the expense of a huge share overhang.

4. If there is good news to come just when we are to put money down than its all been a play and we are the object of that play. they could have deferred the CR until after the good news.

5. Brokers reports - sorry if I followed broker reports in speculative stocks I would be broke right now - I often go back and read some of them in the archives - Its better than comedy at times.

We not just bleating on HC - I am sure that many have written letters to the company. It will be good to see if management actually comment or just thank you for your letter and tell you they will table it. what that means is a well known phrase that will be me banned on this forum.

I agree the opportunity is great - but if every share I owned diluted that opportunity like these guys have then in reality I would be better served at the races or betting at the Casino. A few companies look closely at how to manage needs and the shareholder value at the same time. Someone should stop somewhere. If another management team wanted to roll the board I would vote with them.