Ann: Chairman's Address to Shareholders , page-5

Looks like my suspicion of a rally was either wrong or premature. The jump up to 15c was presumably someone expecting imminent news, and today it looks like they and/or others are returning to scepticism. If the promised report doesn't come by the end of December I think they'll have killed their credibility to the point that we might even see my predicted 5c or less by the end of this year rather than next. A bad report would probably be even worse. Of course, a good result would bring a lot of relief, remove a lot of doubt, cause a lot of excitement and produce a nice rally. If you're a true believer, anything around 10-12c at this point is amazing value. If you're not, anything over 1-2c will be looking expensive.

With no news I'd expect to be around 8c by close of trade December 31, and lower when we reopen in January. Less than a month to go now. I really don't think they can promise something by the end of last year and retain much faith if they fail to deliver by the end of *this* year, especially last month they promised the issue was resolved and the report would be issued shortly. You can only make bold claims without proof and fail to meet your own deadlines and targets for so long before things go really bad.

What 'personnel' issues could justify a delay of a full year? Surely the personnel would be replaced within months if not weeks of failing to come through with something which was already just about complete. The story doesn't add up to me.

All in my unprofessional, unconfirmed, modest, personal opinion only, of course. Do your own research!