egm info, page-7

Cuzo,

Dispute (or in Phillip Woods preferrred words "normal disagreement") with HNC was the reason for the last minute VA decision by the CMR board.

Main reason from what I could acertain was HNC owes money for product received and has not yet paid...
and, HNC do not want a debt conversion at 42c (which was negotiated some months ago) when current price is approx 15c. The actual reasons were kept close to their chest for "legal reasons" so the above was reading beteween the lines of what was said at egm.

GT was not there. Apparently is still in the UK getting an ear operation ???

Only others present were Phil Cohen and the Administrator Martin Jones.

Dont have the numbers in front of me but for each of the 3 resolutions it was approx 75% for and 25% against. So all 3 resolutions would have carried under the previously intended EGM agenda.

I'm gutted at this latest (last minute) development. I'll support you (and others) in any submissions for any recovery actions should the need arise. If you will co-ordinate the orderly collection of relevent information I'll email what I've got to your gmail account.

Our only hope now is if the Administrator can reduce debt and streamline the operation so that one day we can once again trade as a viable entity. An thats the 64 million dollar question...

Best of luck to all...