Ann: Appendix 3B, page-5

it isn’t about what the shares are worth. It is about the slippery nature of some of the things that have gone on with this company lately. Regardless of the quality of the assets, I prefer to own shares in companies who’s management I feel I can trust. When you take a “performance bonus” for halving the share price it screams “Lifestyle company” to me. And, if, as you say you have been in this a while you will know exactly what I am talking about.