Ann: $1.5m Placement and Corporate Update, page-36

I agree with you osgood. I have 3 m shares in two names and am a sophisticated investor. No call for me. They obviously have time on their hands. They should have offered to all shareholders like MEU did recently. No broker, no fees. We should not let this go un challenged. Most disgraceful action by directors who presented themselves as experts in financial management and capital raising.

The reduction in executives remuneration is not real. When we see the extent of shares and options to be issued to make up for income cut it will probably result in a pay RISE!