maul, page-9

If any theories about acquisition hold true, there would need to be a current accumulation, putting that player in the top 20 at least. Realistically the top 10.

Are you suggesting NATIONAL NOMINEES (ADR's) 8.63%, MR ANDREW WINSTON DOYLE 8.03%, MR JAMES MICHAEL O'DWYER 4.40%, MALCO 2.76%, DUTCHESS OPPORTUNITY FUND II LP 2.32%, TRAVIS REDDY + ELINA REDDY 2.07%, MR KAI LIU 1.91%, CITICORP NOMINEES PTY LIMITED 1.59%, PENSON AUSTRALIA NOMINEES PTY LTD 0.89% are colluding of some are fronts?

AWD, not in my opinion. MOD, certainly not. Dutchess, the same. ADR's mighth be a play, but I doubt it as they don't get any voting rights. Travis Reddy has appeared to have a couple of strategic investments, so proably just regular guy like the rest of us. Kai Liu, unlikely, but I can't give any solid reason why not. The nominess, well they could well be masking the true owner, BUT if the owner acquired 5%, then they'd have to report to market.

So, I think, with the exception of the ADRs, there is only a single holder of more than 5% and that's AWD, who has reported such. A front for a US defence company? As I said, I doubt it. He seems like a finance guy, who has recognised potential value, just like the rest of us.

Now, if someone does want to acquire, then would they be able to get a majority for 3c, 10c, or would it take 50c?

For me, I'd be more than happy to cut and run for 10c.

But let's not get ourselves ahead of the game. The company still needs some more fuel (cash) in the tank to get us across the line where we have something of real, rather than potential, value.