Ann: Media Release , page-8

story was told: "each year, HZL dilutes"

sad & amazing ending, with a $9m capital raising soon after lodging a balance sheet with $14,475,000 in retained earnings & $39,635,000 in net assets. however, last annual cash flow statement was negative, with investments obviously not making a return

no return for shareholders. the $39m in good-will (intangible assets) was valued at the sale price or less if the actual debts were greater than on the balance sheet

ASX is cut throat & early exits on below expected performance is prudent

this applies to mining speccies also, where insider trading is the norm

examples: PRA & WGO - both exits on the 1st drill results

learn lessons & move on

all the best