Meeting in July, page-76

Let me have a crack at working this out, now I have not followed this too closely and I am sure Les will correct me if I am wrong.

There was already a 5 to 1 consolidation before this latest request,
Now they are asking for another 5 to 1 consolidation,

So from memory the shareprice closed at 2.7 and that was after a sharp last min sell off.

But say you had 100000 shares when it closed, that would be $2700 worth,
Now you will have 4000 shares and at the 10 cents they propose to raise money at those shares will now be worth $400

And there will be a huge dilution if they raise the money, 80 mill shares, or 800 mill shares in the old money before consolidation,

Now they are asking for approval to give them class B and C shares, now remember originally this condition was not triggered until shareprice was a certain level, I think $150 mill market cap, been that long going on memory, that is no where near that at 10 cents, mind you I don't know how many shares they are issuing themselves now.

Will the performance shares be consolidated 10 to 1 like shareholders,
But they want all performance shares triggered with what performance??

Shareholders will be sitting on 15% worth of original closing price when they have been reporting the company have been going gang busters,

Les can you tell me if this is correct,

I would read this quickly cause if I am right they wont want many reading this.