Ann: Appendix 4C - quarterly, page-15

I am now breaking even on the first parcel I bought some time ago, and almost doubling my money on the second parcel I bought @ 1.3c. I'd be very surprised if those prices are revisited ever again. If I wasn't already a bit overweight on SMA in my portfolio then I'd be inclined to buy a few more at this level on this demonstration of the company now starting to generate some good revenue. I was always a bit sceptical about the monthly updates on the business until they are confirmed by the 4C report. I believe any future capital raising will probably be done to SI's and probably at higher prices than we have now, and probably to generate more revenue at even higher growth rates than we have seen over the last 3 months or so. So the prospect of a capital raising doesn't really concern me now the cash is flowing in.