very positive broker report, page-34

Source of sponsorship should not be an issue if the author keeps the analysis fair and reasonable. As McRae says, it is almost impossible to get coverage of a small cap company without some kind of sponsorship. The critical issue is not who sponsored it, but is it a fair and resonable statement.

IMO I think the figures are fair, and consistent with our own calculations.

In response to a public document, we have the following responses by way of refutation:

- TA (without charts)

That's pretty much the same thing as no refutation.