report, page-31

Fergus,

I understand where you are coming from, however, it has nothing to do with an index fund. Stocks within the index can suffer the same fate.

If a stock is continually falling in value, there is a reason. Rather than talk blue sky with an expectation the shares are going to move up 300-500%, why not look at WHY, it is trading at 2c.

The market (investors) are saying right now there are problems. In a previous email I made mention that the reasons must be:
1. Loss of confidence in management;
2. Further delays in the completion of the plant;
3. Viability of the technology on a commercial scale.

The only other reason may be larger shareholders moving on.
The concern here is that there are no buyers in the market. So based upon what we already know in terms of news, and where APG is at, there seems to be no interest in the company. Some mention the Bluescope deal as being a game changer. Why has this not attracted any buyers? S

Has APG's history of not being able to deliver become the significant roadblock? If these are bargain prices, why aren't management, employees etc buying stock? I know when I was working for an investment bank and saw how well we were travelling, I would be in there buying more stock in the company during trading periods. In fact, Foulthrow believes imminent 300%-500% upside......if I was confident of this type of upside, I would be buying up. That is unless there were other investments which I was confident were going to deliver even more!

None of this makes sense. They need to get lucky. Something from left field has to dig them out of this hole.