Ann: Annual Report to shareholders, page-2

I'll start by saying that I think this company has a great opportunity as the product specs are superb and I will hang in there.

The negatives centre around 1 issue - liquidity.

Some key numbers from the annual accounts are:
(rounded)
cash $6m
virtually no other liquid assets
Loans up from $4m to $9m (last year to this year)
Trade Creditors $5.6m
Employee costs incl directors fees plus share based payments up from $5.6m to $9m.

They need a bucket load of cash to just survive. Ok a bit of money has come through since but we are talking chicken feed.

The critical number to me is the SP. It has more than halved and with the significant cash required going forward, I see this as a huge risk.

I will be voting NO for all remuneration resolutions at the agm. Whilst their payments are performance based, none of them should get a pay rise regardless because of the deterioration in the sp.

I believe all directors and senior man't should take a 50% haircut until the sp gets back over the 9c bracket.

imho & dyor