Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-78

if you have a look at the progression over the last few years they are building a viable business. I wonder how many of these guys have ever run a business. It’s all very easy to look at a set of figures and make a snap judgement. Not so easy to actually build something.

they really don’t understand most of the shares they give evaluations on. Where it’s a sector they know and understand looking at the balance sheet has a lot of validity.

Not so sure about IT small caps.

the one guy was sneering at Senetas as well. Anyone who is following and understanding Senetas knows there is a lot of potential there. Like TNT they might not achieve it, but these businesses are more than just the raw data in the balance sheet.

Having said that I did find the EBITDA in the last quarter disappointing and they need to really deliver in the 4th quarter and finally generate some NPAT for shareholders.

Geoff Lord did annoy me in the AGM where he brushed off the question on when would they deliver NPAT with a we are profitable it’s just the abnormals which drag us down. If the abnormals are there every year and you can’t cover them then you are not profitable!