Ann: Appendix 4C - quarterly commentary 30 June 2015, page-11

Hi Bradley

Playing the stock market is a bit like going fishing.

Some people go out trying to catch a simple feed without leaving the shoreline; a small number of us like to risk it all by fishing for a trophy fish like a Black Marlin.

If you want risk and excited, Antaria can still provide it. If you just want to catch a few flathead without getting your feet wet, you are probably better suited to investing in blue chip stocks that have standard PE ratios.

I noticed that you follow Nearmap (NEA). Have a look at the chart over the last four years (4.2 cents in Dec 2011 to 49 cents today). Once you have pulled in a big one like NEA (from memory it got over 70 cents), it becomes a bit addictive. You start chasing the next big one.

NEA has been caught, gutted and banked. I have moved on. ANO is still out there and could end up being a record weight. We all live in hope.

With Antaria, at 4 cents, the big fish is on the end of the line, it just needs to be pulled in to the boat. It was a bit more exciting a 1 cent, we could see the big fish jumping in the water but had no real idea if it would take the bait. We could have easily ended up with nothing.

We could still end up with nothing, but I highly doubt it. Vestro has kindly tased the big fish. Its three quarters dead, stunned, floating on its back and well hooked on. Things however can go awfully wrong; let’s hope it’s not taken by a shark before we get it on board.

My apologises if I have broken HC rules and cross promoted a share. I no longer have a NEA holding.

DYOR - catch your own fish