this seems to be it, page-9

The Perth Kaolin is a clearly superior clay which is the reason for its popularity. As for the management, things have been tough because of opposition tactics and as a result sales growth has been much slower. MSC has always been behind the game in the need for cash. Frankly they should have anticipated this and used more innovative funding without diluting capital. However this does allow someone to get in on the ground floor at a ridiculously cheap price. One wonders whether was allowed to happen.
There will be no news to come out of management as they have been read the riot act. We will now be in the dark hanging out for the quarterlies or the occasional titbits. Frankly I've almost had enough but for my belief in the product and that Japan should come off sometime in the near future and then we are set.