Ann: Appendix 4C - Quarterly Report, page-38

torrent was tongue in cheek, chris. im ambivalent about this stock.

i welcome what johnny b goode is saying and there is so much detail in what he offers, i wonder whether he's an informal wha corp comms dude - because he has said more than mgt has said about the current state of affairs - either way, his commentary is v useful.

Wroth made a good point about the current debt arrangement. Debt covenants tend to be fairly stringent. Im not sure how much of the revenue strategy hinges on local sales, but i do get the sense its all about the chinese market. If the strategy of getting revenue from china fails, then were cactus.

On the other hand, VCs won't lend the money unless theres heaps of meat on the bone and theres a real prize. Sure, they're getting close to 15% when the best they'll get from a bank is 2% (the prize). From a lenders perspective however, there has to be some confidence in an underlying revenue and assets to make sure you a) can get your money back, b) get paid for your work (lending the money) and c) have enough insurance to make sure you don't lose everything. So by deduction, id say there has to be real merit in WHAs plans otherwise, they wouldn't get a cent of debt funding.