Reflections in the rout, page-14

morning,

IMO - long term investment is a rubbery thing.

I put say a landbank investment in a totally different time frame to say an investment in a company like AJX.

Also - a timeframe can change - at least for me, as the character of an investment changes.

For me, personally - AJX is a prime example of that.

Initially - and, still up to this point - my plan has been (exec. summary).

Target 1 - tranche 1 off the table.

Target 2 - tranche 2 off the table.

The rest - go to sale of company - or see what happens - ie. re access as we go.

Set nothing in concrete.

Now - what has happened is that AJX has changed in about the last 6 months (don't hang me on the exact time there) -

why?

Personally I think it changed when we got the military - or about that time.

Before that - I think we had a price in mind for sale - and, I think the plan was still in place to flog it to the highest bidder when we built it to ??? how big. We also had the plan to use NY to get the company on a more accurate value.

However - things happened faster than expected - all of a sudden, we didn't need NY.

Also - we boomed onto the idea of polymer in a big way ----------- and, if we were thinking big before - boy, are we thinking big now.

So - it began to shape up that we didn't need anyone ---------- AND, the markets we were and are penetrating like a hot knife going through butter - are shaping up to be a massive cash cow.

Now - that is enough for - me personally, to start thinking about --------------- 'what if' - what if I am right about a solid dividend stream ---------------- and, 'what if' that stream is not just stream - but, a creek in flood by the end of 2017 - or at least the projected 2018 dividends are flood like?

Well - that may well change my ideas on the size or timing of tranche 2 -------------- not tranche 1 - I will take some off the table, that is sure.

Also - depending on what the market says about the price of AJX ---------------------- the 'price' - not the 'value' - then as we head on in late 2016 - 2017 etc. - the way things are - it may well pay to keep the options very very open.

Sort of - I never, say a year ago - saw AJX as being a very long term hold in my dividend paying stocks - I thought we would be out and gone in a few years and that is that ------------- but, it is possible that we may have a company here that will kick on - if the board changes it's stance and thinks - we should keep this thing - unless we get one HUGE price for it.

There is always a price that is right for sale ---------- and, before - well, 10 bucks was the dream - but, that well may have changed.

We shall see.

have a great day all

Pinto