chairman's address, page-2

Still got a buy on it K9, nice to see!

As you say,note holders are the key. I expect note holders will drive a hard bargain, but is it in their interests to have an administrator brought in, even if on their behalf? I doubt it, they'd have to wait a long time for their money and it would be a firesale process with work coming to a halt for a long time until it's sorted out. They might not get it all back.

They've held on for a long time now through thick and very thin! Best guess is that they might agree to revaluation of their notes to be adjusted to current value at the time of negotiation less a bit, say .004, if the price stays at .005, ie. a factor of 13.5 x 2.5 = 33.75 or thereabouts, equivalent to somewhere around 3.5 billion shares I think - a further massive dilution for shareholders, but there it is! If the PNG thing comes through in the next month or two might not be so bad as this as the sp might lift. The MPM contract isn't being tendered till Q4, so there won't be any joy from that. All in all, I think there is a lot riding on the PNG purchase being finalised soon for us shareholders.