safenet, page-19

re: safenets q4 result was $77m Believe this or not I actually agree with Smuggler in this case. We have had a situation where a Director has sold a line of stock then a couple of days have gone and Safenet have come out and said that they are going to downgrade their forcasts and the share price has dropped close to 20%.

There is an enormous amount of conjecture on whether it has affected SEN revenue and if it has by how much. I said yesterday I predict that it has not caused a reduction in their revenue otherwise the directors should be investigated by the ASIC for non disclosure.

To alleviate this all they have to come out and give an update on operation so far. I have emailed this to FG but so far have not had a response. I have called the company and spoken to the company secretary who said he would suggest to FG that this appears to be what some shareholders are asking for.

I personally do not think that the share price should be trading here and believe it should be at least above 60c. It was only last year that analyst put a value on the company of 75c and since then they have only further increased their sources of revenue. Thus a review of this report may be considered wise by the company giving them a more up to date insight into what the company is doing.