admiralty update ann, page-32

We've been here before with the cash-flow question you raise Miami...you'll find there was concern in the last set of financials...and the one before that and so on...but the company continues. It continues to build whilst doing it on "the smell of an oily rag". This is the fugality I like in management. As an investor with a reasonable interest, I'm very happy with the way things are being done. As with all investments, if you don't like what's going on, you can always leave...(don't let the door hit you on the rs to hard on the way out).