hard to fathom, page-7

Hi 3500

There would not be many people that would be happier for Intec to be successful than myself and it would be just reward for a number of there very dedicated staff.

But if you look at cash flow. I think cash at bank currently would be 3m or less.

The income from Bass, although it is almost guaranteed is behind and may only match there cash burn later this year.

The sale of the EADF and Zeehan Zinc pile is all about the removal of what has become a liability. I doubt there will be much if any positive cash flow from this even after the bonds. I base this on the fact the directors in the half yearly still value the bonds at 0 and why would you do the La jolla deal if you had an asset you could make a few million out of and reduce your overheads at the same time.

The best deals are done when the other side thinks you can walk away or have other options. So I do not think there will be any real profit from the GBG deal. It may be possible if they can get the volume up to the 3m.

The placement of the cap raising in the ABJ article I am sure was strategic and I see no reason why the board would not go down the La Jolla type of funding model again.

Your statement about if Intec was newly listed is properly true. But the fact is they have a history and this is factored into the share price.

IMO to see a sustained raise in the SP the board and management need to delivery a business that does not rely on the continual diluting of current holders with the issue of new shares to pay there wages.