No market update, page-12

Yes, it is a cycle. However, any responsible management will take a pay cut to help out the company. Many other ASX company directors do the same thing during a down cycle - they will take smaller pay and take stock options as payment instead - this is because they believe in the company and what they are doing.

The macro-environmental factors you have highlighted are true and should benefit a 'well-managed' company in the long-run. I guess we shall see what other excuses they come up with in the next quarterly.

My best bet is they will drive this down to under 10 cents and we will see a low ball takeover offer shortly after.