Ann: Appendix 4C - quarterly, page-8

Good pickup, i missed that too.

I keep wondering why ELS didn't raise money when the share price was over $1. They would have known that their cash receipts would have been low to start with, and that they needed cash in the short term.

There must be something in their mind that made them genuinely believe that the intrinsic value of these shares are worth more than $1 & $1.50...

I think there was a moment where they realised they made a mistake in not raising the capital - a series of announcements to try and push the price up and get a capital raise out at 72c, which was a good effort by them to be honest seeing what the current share price is at. They haven't even bothered to provide commentary in this quarterly, I think they have bigger matters in their mind.

If you look at the top 20 shareholders released in the annual report and compare it to the one at IPO, a lot of major shareholders have not sold out. This leads me to think that the previous share price rally wasn't part of a big pump and dump. I think the market just got overly excited way too early.

Bit disappointed with the quarterly numbers, but I think patience will pay big in the end... or at least I hope so.