Ann: Proposed grant of options to Directors, page-18

Well, all your comments are with the benefit of hindsight and it's a real factor which you can't just ignore, what if in the ICQ A scenario you outline the price had gone up to say $3 a share by now, then if they had done a capital raising at $1.50 a share way before they needed the cash they would look silly.

12 months ago did you predict the price would have fallen to 60c (seeing the black clouds to use your analogy)? If so, then you can talk with credibility and should have made a lot of money shorting the stock. Otherwise, you're just being wise in hindsight...

As a shareholder the key thing for me is no more capital raisings and marching toward profit on track with the timing they outlined in the capital raising presentation. I do have some reservations around the stock as outlined above but on balance think it's a bargain at the moment.