Ann: Shareholder Update , page-122

Didn't the dream team involve kos Sp3? I'm sure you were of the opinion it was kos or nothing, and with Kos I think it would have been nothing.

The monash saga is eroding shareholder confidence, management do need to be able to stick to timelines they have made, if there is doubt esi need to word ann's differently.

I spoke with adam this week, one of my questions was on the relationship with Monash, is it a mutually symbiotic relationship or a parasitic one. My impression from the conversation is that Esi are very confident of Monash delivering and they aren't trying to pull one over on esi(ie trying to take too big a piece of the cake). I also got the impression the money, part of a bigger transaction is still not in Monash's hands. I think the majority of the negotiations are complete and it is just a matter of time. Obviously talking with management needs to be taken with a grain of salt, not like they are going to talk down our progress.

The only real issue has been regarding Monash, not having the working capital has obviously led to unwanted dilution at more unfavourable prices, however if Monash are on board, and the funding for the cdp is the main game, I'm happy to wait for the conclusion which will happen sometime this year.

The aldp funding IMO is all dependent on having the csi, I'm happy in the knowledge that reputable firms have helped in the submission and believe it is all about getting a consortium to fund the shortfall from the government.

Certainly will be an interesting year, make or break for esi, lets hope we have backed a good horse and if putting all our eggs in Monash's basket was the right way forward.

Also asked a quick question on start of construction, get the feeling it will be early next year with a construction time of 9-12 months.

Above is all IMO, hope that the confidence esi management has in monash will allow all shareholders to be rewarded.

Ps agree amazed with the old hotcopper format, the new site was not as user friendly and takes a bit of time to get used to, navigation far easier with the old.