Ann: Company Update, page-121

Yes Diamonds revenue, or lack of, happy to announce it at the time but crickets since. How they have not had to explain themselves for this is beyond me.

CR funds seemingly going nowhere at 12 cents, 3 cents, now a new game plan merely weeks after the last CR, which was announced specifically to facilitate the launch of the first batch of Pearls, and (I quote) "bringing the company into revenue generation by late 2019."

So essentially, funds from those 2 CR's have been used to pay salaries, travel and the CDR. I wonder how relevant this CDR is now given the complete change in direction.

Launch and in-orbit asset insurance was supposedly well progressed and on track to be completed and in place by February 2019. Yet here we are in mid April and no more news on this. Why? Did they know they would not be launching this year?

Now yes some have mentioned 'well why wouldn't you change direction if it provided a better opportunity?' Well the real question here is why the sudden change merely weeks after the CR? What have they been doing for the last 18 months? At worst the last prospectus was misleading. At best, management are driving the company blind and have been pushed in this new direction by those who have been asked to fund the company. I expect a huge please explain from the ASX in relation to this, but I am not holding my breath. I wonder if the recent priority offer would have closed oversubscribed if SH's knew what was to be announced less than a month later?

Why also has this coincided with the resignations of Fulton and Malone? No matter how it is spun here, this will not be a good thing for the company.

The problem SAS management have created for themselves is with now consistent evidence to argue the misleading of shareholders, even if they are able to pull of a miracle and actually achieve something, any positive news will be looked at sceptically by the greater market. Trust is easily lost and will only be regained with real results with which SAS have little so far.

Almost everyone, including those insto's at 12 cents are in the red, and any upwards push will be held back by large selling pressure from those who bought in well in to the 20 cent range. Already over 2.1 billion SOI, likely many more to come will make it a very difficult road to recovery.

At the end of the day I just feel sorry for current SH's. I was lucky and bought in very early so I have not lost big money. But all I see right now is family savings going straight into ludicrous salaries of management who have not achieved anything and I very much doubt ever will. A few overpaid businessman getting richer at the expense of hard working Australian families.
Happy to be proven wrong though Meir.