Ann: June 2016 Quarterly & Appendix 5B-STX.AX, page-156

Elliot,

You are spot on and unfortunately a lot of people don't get it. With spec stocks it is essentially a game of pass the parcel and hopefully most people have a bit of fun along the way. But ultimately in the majority of cases the original capital will disappear. It is the job of executives to put a rosy glow on things to keep the share price appreciating so that fresh capital can be raised without excessive dilution. It is important they can do this so we can keep the game going and then of course, there is always the remote possibility an economic project will emerge or a takeover saves the day.

The real villain in all this is the well meaning fool who offers down ramping advice which depresses the share price and results in excessive dilution and eventually the inability to raise fresh capital. One such fool has been a constant thorn in the side of this stock and was the reason I gave up on it over a year ago.