Ann: Appendix 7-NTL.NZ, page-32

They are rarely happy about anything following my very arbitrary and unfair banning

Shareholders rarely agree on anything, let's face it. NTL needs about $2.1m to get its bulk sampling project up and running, at which point the company has potential to self fund itself for the rest of the way.

My estimate of cash on hand was somewhere between $600k and $900k following the sale of BPL shares. NTL still has some of these by the way.

The rights issue is very important and in my view it is a good thing shareholders have been given first dibs.

There seems to be some complaint about the way NTL handled the rights issue but to my knowledge NTL followed the normal process. Announcing the director's resolution, announcing details of the rights issue, issuing an offer document, so on and so forth.

Companies cannot offer financial advice about what to do with their shares, options and rights - it is up to shareholders to obtain this type of advice for themselves.