presentation, page-8

Well Bozo,

I think the question can be answered by defining "seasoned "investor.

Do you have at your discretion $5m in funds to invest at any time ?
I think we went down this track some time ago when we talked about "high net worth individual" investors.

Basically I don't think you or I qualify.
We must admit to our role as speculators when we are on the register.

It is a valuable role....we are marking time and holding shares (ie ensuring a sufficient shareholder spread so that the company complies with the listing rules) till seasoned investors take our place.

The feeling from the floor was that APG does not pass the first pass screening test.
The share price is low and the weight of money investors will not be attracted.
Then there is a lack of stability of earnings (there are none)

So seasoned investors really need to be dragged kicking and screaming to look deeper into the stock and understand it !

So as a first pass presentation to investors the Geneva story will probably be only a first alert signal. Investors will probably do nothing about looking deeper till APG consolidates its shares and a second alert bell goes off in the investors mind.
Ahaaah ! APG is indeed serious about its total image !

Furthermore, I think that Lekki is both right and wrong.
Consolidation does NOT improve the ratios....(it only makes the total per share bigger) .Share buybacks do change the ratios.

But K Packer was definitely right.
A higher price does attract a different buyer.
Higher prices can only be maintained by earnings stability !

Till then it's a case of a Register full of speculators and much price volatility.

Bring on the "seasoned investor" I say.
And what has to be done to do that ?