Ann: Update on TNG Share Plans, page-35

I also agree that it is good to see the issue resolved, thanks for your efforts in pushing it @abishai. It is something that can now be put to bed for better or worse. Whilst we may never know it would not be a surprise that as the largest shareholder Vinsom were given first right of refusal and as they took all of the outstanding loan shares, other major holders may not have been contacted at all for their interest. It does make the whole loan scenario appear to me that the directors either a) thought we would be taken over therefore never needing to repay the loan or b) that they actually believed their own unrealistic timeframes and thought we would be in production and that shareholders would be so happy the the loans would be forgiven. Personally I tend to lean towards option a), but once again we are unlikely to ever know the real reason other than they never intended to stump up all of the cash themselves when they so generously issued the loans in the first place.

On a more positive note, the resolution of the above issue, the commencement of a newsletter and the appointment of an Investor Relations exec (who seems to be doing a very good job thus far) have all occurred since the appointment of the chairman, so I think it is fair to assume that getting JE on board has been very good for shareholders in that we are now getting better communication and more clarity of the way forward. One thing that does worry me a tad is that he has not seen fit to buy any shares on market yet. If he were to take a reasonable size stake this would be a far stronger signal of confidence in the company to the market than PB's recent buy.