New market - NZ!, page-44

I don't dispute HE has raised a lot of money.

I'm just trying to clarify your misleading statement of HE being tapped for 26 million from "pot committed" investors. This statement applies more for 1st than HE with Plummer being pummeled for his cash and loan facilities.

If they don't get the valuation they want it's partially due to the failure of management of 1st in demonstrating the potential of the sector. A slump of 66% from IPO price and the continual failure of not having the stock price do anything for the past two years is a reflection on the company and management and not the sector itself. 1st investors have surprisingly been patient (pardon the pun), and it's the lack of disappointment from them which has led to this continued mediocracy.