I just spoke with Director, page-31

I spoke with Wayne but he called me after I sold, I have seen enough for now. I said company does not seem to do anything to support the SP and he said that's one way of looking at it but bar dividend all signs are positive and growth path set. He pointed out the 'independent' reports they have in the market of one up to 38c (which is now 18 months old isn't it?). He did not give me much time as I had already said have sold which is fair enough.

When directors lie it is time to sell as I did with FGE and saved my skin. Directors would not be locked out now and would not have been from September to December I believe. Wayne does not want to say I am not keen to buy so he says locked out as we all know he has a few thousand at least to invest! Or is it the argument again like the CEO saying don't want a buy back as it will look suss as price is so low! Fuk me that is a reason to do it. Wayne is a good man in a tough position however. Wayne says what we want to hear like AP said (to Gassin which I take on face value) dividend was coming but just a matter of how much and he told Gassin he will buy in once results out. Then he resigned a week later.

I see no reason why CEO would not want SP higher now and at all times if all it took was a small spend, it is better as what if a CR is needed for an acquisition, or for loan gearing etc. scrip takeovers. CEO is making all possible excuses not to send any money as a dividend or support SP, the questions arund why he listed also remain, to date nothing he has done has made sense to do so. He has not shown any interest in Australian market.

Something continues to smell off and I can see the day SBB do a $20 million + acquisition and it will just raise more questions, integration risks, who did they buy it from, is it real, is it a related entity etc. There are a stack of these things trading on NASDAQ with much better NTA backing, this is not even cheap yet for these type of companies.

Was hard to sell at what seems such a cheap price but I feel good already.

I recall when AP resigned I was half expecting it and I think Wayne could do the same as he must get hammered with call after call and facing intense scrutiny for minimum director wages and no shareholding to reward him.

I regret not selling sooner and take a loss albeit not disastrous and will prefer to look at other options.

If SBB is his baby why would he give half of it away for virtually nothing to seed investors in an IPO then watch it all end in the hands of Australian holders which would be irking him at night.

Anyway good luck to holders, it may sit around here as held up OK today. Some stronger sales numbers may help it but we must also remember the sector is ultra competitive and price pressure and competition could still be an ongoing problem.