a worried md , page-4

AND HE DESERVES TO BE WORRIED, AS WHO'S READING HIS BS?

"3. ...................... many shareholders want us to only come out with a large contract amount. ....."

Should read: "For more than 2 1/2 years MD John Genner has been communicating to many shareholders that announcements regarding large contract amounts are imminent." ! I have 3 witnesses to one such occasion.

Monoco was originally a done deal to be announced by end March 2004 with $150m over 2 years straight to BQT's bottom line. The "consensus" (read non-binding Heads of Agreement) announced in June 2005 could only indicate $9.5M + a further $32M. At that time John Genner told several shareholders that the final deal would be in "days not weeks" then several weeks later it was to be "weeks not months" & in this correspondent's last conversation I was told "if not before Xmas (2005) then just after"!

Within the logical constraints outlined I also believe it reasonable that shareholders be informed of the total known & expected pipelines over a given timeframe just as they now have done by clarifying the recent $2.4M middle east deal timeframe to be 20 months.

More importantly the company's Management Board have demonstrated TOTAL INCOMPETENCE in conduct of capital raising & communication with the investment community. At the AGM the MD admitted only ever making " about 4 broker presentations"!