back to the meatworks then, page-22

re: nightstalker Nightstalker, I personally think there is very little correlation between TOX and the overall market, All Ordinaries. Just compare the 6 month charts of TOX and XAO.

TOX was 13 cents at the end of December and is now around 10 cents. Since December, TOX's EBITDA has increased from $0.95 million to $1.06 million and then to $1.37 million, yet the shareprice has fallen considerably.

XAO was 4500 points and is now 4900 points, a fair rise over the last 6 months even with the huge correction over the last month. During the 6 months where the XAO was powering upwards, this had no positive effect on TOX as it continued to trade sideways.

So, what reasons are there for TOX's low undervalued price at the moment? As many have said before the only possible reason is their lack of investor relations. I personally don't think their quietness over the last 6 months is a good enough reason for TOX's current price. Let's not forget the a 29% increase in their EBITDA in the last quarter due to the very successful integration of Delvex into their operations. TOX's quiteness on the investor relations front has created uncertainty about their direction, however even still I believe TOX is far too cheap at the moment. I made a small top up at 10 cents but have no more free cash.

I will continue to be patient with TOX and wait for the next quarterly report. However, if by the end of July TOX have not announced anything new, ie. acquisitions, etc, and there EBITDA hasn't increased substantially; I will be concerned and looking to get out.

Good luck to all holders.