Ann: $5.5 Million Shareholder Entitlement Offer, page-17

Morning Bak,

What I am saying is there should have been updates months ago on what is happening with the various projects, and you yourself implicitly express such concerns toward the end of that thread. And now that they have belatedly update we plebs, we find progress at a snail's pace and financials that still show the company is in dire straits. Basically nothing has happened during the last 6 months. You seem to be mesmerised by the percentage figures provided in the update, but please step back and look at the actual dollar values:

• Revenues are steady compared to previous half. Steady. No increase. No improvement at all over the last 6 months. Can you believe that Bak? And we're still at a tiny $1m revenue for the half. That's revenue, not profit. And what are the yearly salaries? Around $5m/year from memory? Can't you see the problem?
• EBIT still at a LOSS of $1.45m and only improved by 30% off a low base.
• Reported loss of $1.37m. Previous half around $2.2m loss?. Expect even more losses as the turn-around is occurring at a snail's pace.

Heavens sakes, on one hand Company is quoting adding revenue and going cash flow positive and you are suggesting VA.. that’s a big differential.

Adding revenue is not necessarily adding profit. And the increase in revenue and EBIT is so slow we may well run out of money, and thus enter VA, before we can even reach cash flow positive. So no, it is not a big differential.

Please consider this:

1. why did we sell off 70% of AJ Bush to our so-called "partner" who has been nothing but a parasite to the company? IMO that was a forced sale to keep this company afloat. Selling good assets, most likely at a heavy discount, to survive.
2. why did we sell 70% of Goulburn to our "partner"? IMO that was also a forced sale to keep this company afloat. Selling good assets, most likely at a heavy discount, to survive.
3. 18 months ago we had a cap raise at the equivalent of 18c. Then 9 months ago we had yet another cap raise at 9c, and we raised only a quarter of what we needed. Most shareholders could obviously see the diminishing prospects for this company. That forced our hand regarding the sale of Goulburn; we needed cash to survive. Then another sale of a revenue-generating asset (AJ Bush) to keep the lights on.
4. And now we have yet another cap raise at 6.6c. It is hard to believe this cap raise will also not be a failure. Why buy at 6.6c now when all you need to do is wait for the next cash raise a 2c or less? What do you think will happen if we can't raise the necessary funds @ 6.6c to stay afloat Bak? We can look forward to more forced asset sales at a discount, what's what.

So it's a very disappointing situation we find ourselves in. I've lost so much now I'd prefer to risk the remainder and stay on the register just in case a miracle occurs.

FFS I hope I’m right

Hell I hope you are right too Bak!