Ann: Business Update - Bartholomew Roberts Ltd, page-27

Well, the tide has certainly turned and one of the armada appears now to be firmly stuck in the mud.

Will any tide be high enough for the refloat, and if so, just how much damage has been caused?

Will the rest of the armada make safe of these waters, or will they too, be held fast.

For the record, I still do not believe that SM is/was trying to hornswoggle us, IMHO he/they have
been way too ambitious, and in their eagerness to grow too quickly, pushed too many boundaries.

The boundaries are mainly around the supposed "engineering" of the NTA and its
affect on the momentum on HML and the other ships that sail under the same flag.

I did raise some concerns when they showed the opulence of their new digs, and did
say that I would have to keep good watch going forward, but mud can sometimes be
hard to spot when it does not raise above the surface at low tide, and as we know, mud
can stick, but if/when it does get refloated, that mud can be washed off reasonably quickly
if we can get her under full sail again.

I would love to know what o'l Winston Churchill knows, or even Jack Nicholson for that
matter, but as someone famous once said

"Sometimes a cigar is just a cigar"


Hopefully we just wake up and find that the only mud here, was between the trolls toes,
and the trading strategies have paid off handsomely over the last few months and everything
regarding the valuations were "above board" after all

Alas
I do feel for all those holder here, specially those who have bought in more recently, yeah,
we will all probably take a haircut on the last trading price, but lets hope its not a crew cut,
its not really today's look.

All the best

grant