good value now., page-11

COPIED FROM HALF YEAR DEC 2006 REPORT Page 14:

“As at December 2006, the consolidated entity’s current liabilities exceed its current assets by $731,122 . (31 December 2005: $1,118,140)
The directors believe that the consolidated entity will continue as a going concern as it will be able to liquidate a portion of its available for sale financial assets or raise further capital, should operating cash flows be required. Accordingly, the financial report has been prepared on a going concern basis.

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These guys chewed through $657,081 worth of expenses without, it would appear, doing anything other than sell some of its AGM share holding. Not to mention option packages to themselves without performance requirements.

“Gullewa has no formal Employee Option Plan with the directors approving all grants of options.
Options are granted with no vesting conditions” (From annual 06 report)


They have accumulated net losses of millions of dollars. WTFIGO!!!

Please can anybody shed some light??? Am i reading this all wrong!!!!

I don't hold any GUL atm but was looking at getting back in, couldn't quite comprehend why the SP is not following AGM atm. Any words of enlightenment would be appreciated.

dorc