there is a bright side, page-7

It is an understatement to concede a measure of disappointment for we long-term holders that there are as yet no binding, cash-generating contracts with any number of potential big-league partners.

I think if he could answer your concerns, Mike Turbott would wholeheartedly agree with the feelings of frustration at the larger firms' reluctance to close a deal. He has more 'skin in this game' than all of us (except Earnie and BHP)! No doubt he and his hard-working team are also as frustrated as hell!

The reality is that there is only so much an MD of a market minnow can do to get a deal done with business 'whales' in a terrible market. They know we need their cash, and they also know that we may become cheaper if starved of funds for as long as possible. So they wait and watch in the hope that we will capitulate for 5 or 10 cents....

In the current tight market, the Harsco's, BHP's and Iluka's hold all but one of the aces, so damning MT for not using his one big card - our technology - now, and potentially selling APG's wares too cheaply, may also draw vicious criticism from some of the APG SH's on the HC site.

I don't have any answers here, but trust MT's judgement, and hope that you will all consider how difficult his role is as the moment.

None of us like the wait. I hate it! But for me the potential reward outweighs the frustration caused by the intransigence of our potential partners. I do not accept the view that MT cannot do a deal. I think he will not do a deal that undervalues our technologies or that will disadvantage APG SH's. That is his job as our MD.

Keep the faith