annual report disgusting, page-14

baktosh69, here`s the coal...

halfway down page 7 of the Directors Report

"On 16 June 2008 the Company announced that it had acquired a 20% interest in Metro Consolidated[s] Pte Ltd (―Metro‖), an entity that has rights to mine an Indonesian thermal coal project. Cape Range Wireless Limited has paid $400,000 to the vendors of Metro and subject to the satisfaction of its due diligence enquiries, will issue 65,000,000 shares to acquire a 20% interest in Metro. Metro owns 100% of the shares in PT Metro Consolidated Resources (―MCR‖), (95% as a direct holding and 5% through a trust arrangement) a Foreign Investment Company (Penanaman Modal Asing), which has entered into a sub-contract with PT Batubesar Mega Nusantara (―BMN‖) to conduct mining activities on a coal prospect covered by Coal Contract of Work PKP2B – Area KW.0080 (―CCOW‖), issued by the Government of Indonesia. PT Senamas Energindo Mulia (―SEM‖) (the holder of the CCOW) has appointed BMN as its mining contractor and BMN‘s rights have been sub-contracted to MCR in return for a royalty payment by MCR. The project is contained on 10,000 hectares of land (located in the Kota Baru region of South Kalimantan). Put and Call Options had been granted over the remaining 80% of the shares in Metro. There is an ability to secure additional exploration areas of 13,250 hectares adjacent to the exploitation area. On 6 October 2008, the Company announced that the contract previously entered into with Metro had been revised in favour of CAG, such that CAG is now the 100% owner of Metro (up from its prior 20% interest). Under the revised agreement with Metro, CAG will not pay any additional consideration for the balance of the shares in Metro (80%) and there will not be any initial share consideration. i.e. CAG will complete the acquisition of 100% of Metro immediately. In addition, CAG will be obliged to issue the vendors with:
(a) $5 million worth of shares at a deemed value of 3c per share if a JORC compliant resource (measured) of at least 10 million tonnes of coal is defined on the project; and
(b) $5 million worth of shares at a deemed value of 3c per share if 1m tonnes of coal is produced and sold from the project.
In revising the terms of the contract in this manner, the Company reduced the consideration payable and acquired 100% of Metro immediately i.e. $400,000 cash in total for 100% of Metro. SIGNIFICANT CHANGES IN STATE OF AFFAIRS Apart from the events stated in the ―Review of Operations, there were no other significant changes in the state of affairs throughout the financial year."



As for the wireless system and further developments, I reckon they`d be price sensitive, hence the statement on page 8 of the report.

"Further information as to likely developments in the operations of the Group and the expected results of those operations in subsequent financial years have not been included in this report because the Directors believe it would be likely to result in unreasonable prejudice to the Group."

I rang Sean and can only mention what`s already known to market.