Ann: Appendix 4C - quarterly, page-14

RAN is a bit unusual (to say the least) in that it is a manufacturing company with the physical capital of a $250 million company, but until today with a market cap under its cash backing all thanks to the wonderful past management.

The upside is massive if they can get the costs down and sales up as it will be a long time before they need to spend any money on physical capital. My rough estimate is they have enough machinery and space to support $50 million in sales before having to spend anything major.

Anyway I am well in the green now thanks to all the buying I did down sub 4c. Fortune favours the brave