Ann: Corporate Update, page-57

I respect your view, but voting no to the raising doesn't reverse them. It just means it goes towards the company's placement capacity. That means if they want to raise again they have to come to the market, not do deals on the placement capacity.

I don;t trust them. Just before R&B we had an announcement that we did not need the options to convert to make the C10 payments etc, as cashflow was going to be good enough. Looking at the subsequent 4C's, that guidance was very wrong and never corrected. So we got the R&B placement and option underwriting, when apparently we needed nothing.

Further, Jeff has had a free look long enough on the notes. He can put his money up on market or convert his options if he wants more exposure. He can be at risk like the rest of us. It might put a rocket up his pants. All along the board and Jeff told us each acquisition was value added and the sp is in the toilet, so there is no sympathy from me.

I refuse to watch the architects of a train wreck being incentivised to clean it up. My leaning is that they are lucky to keep their jobs. Let's be honest, would any body here expect to keep heir job if they performed like this? In my sphere you wouldn't, but stranger things are happening every day. Yes the market is a dog at the moment, but VOR barked well before this.

Cheers