Ann: XTEK Receives Order for A$2.75m, page-5

Hi Batcher. XTE has been an interesting prospect for some time but has had a string of setbacks which hopefully are now history. To me the reasons for the run are:
- sadly for the world military equipment will be more in demand for at least a while and if the XTE products are as good as XTE say (and we shareholders hope) there will be more orders like today's. Maybe the market is just realising that.
- XTE has traditionally been a tightly held stock which means it moves up smartly on small amounts of buying. As long term holders have seen it works the other way too! I do not have the latest numbers but I think the three top shareholders now control at least a third of issued capital. It used to be tighter but there have been several CRs in the last couple of years which broadened the shareholder base somewhat.
- there is new management in place which reports they have taken out about $3m in annual overheads. No point in looking backward but what I think it means is we now have outgoings on R&D as well as administration more in line with income. I hope so anyway.

Other long term holders will have their own reasons I am sure.