placement at 2.50, page-57

Long term I'm still ok with BRM, but this placement has been a bit underwhleming. I think we will now be going through a similar 2-3 months of the share price drifting gradually downwards as with the placement in Dec 07.

WR has not learned from that issue. We were all hoping this placement would be tied to something else, but did not eventuate. In addtion we have the investor pres. which is very little different from the May 12 version, reinforcing that there has been no startling development that was hopeed for.

WR has been good at building forward momentum, and a good strategic direction, overall he communicates well....but he has not brought us in a deal yet.....and that is what will bring us increased cap from here on in. So he's gone down a few notches...he is more of a plodder MD who will do a fair job, rather than an enlightened value enhancer.