Ann: AGM CEO's and Chairman's Presentatio, page-8

re: Ann: AGM CEO's and Chairman's Pre... Navygulf, today's trading was encouraging because a) a number of big trades went through and there were buyers to soak them up and b) not once did the SP go in the red today even though the general market did. As I've said before, we have seen this sort of action before (remember Macquarie selling out) and it is good because it is the laying of the foundations for the next phase of growth. SP growth always precedes actual profit growth.