Ann: Preliminary Final Report, page-20

Hi Sents

One more thing about the cash flow.

The 'payables' has dropped from $3.8m to $2.4m. I figure VMT are transitioning to new suppliers and/or a different 'raw materials' mix (Haiyong related changes, new product profiles, etc).

When you couple that with the increase in receivables, that equates to @$6.4m.

So I still maintain that the company is well positioned to pay a divvie once these things wash through.

In any case, these anomalies and how they presented in the 'Dec 30 snapshot' might explain the less than enthusaistic response from MR market since the release of the results but I'm feeling pretty confident that a re-rating will occur and hopefully sooner rather than later.

Cheers