Ann: Response to ASX Query Letter, page-25

No, not pissed off - trading/investing isn't something I get emotional about. What I am is aware of the situation, and frankly I can't conclude that 'someone' on that board has not had the intent to deliberately mislead the market. That's what this is all about and that issue has to be dealt with before it's onwards and upwards.

'Someone' on that board is in deep shit. You can't deliberately mislead potential investors when you are raising capital. There's always going to be a bit of fluff and mayo in this space, but when you are constantly re-affirming guidance in a situation where every bit of evidence says you're not going to get within a country mile of the low end of what you're claiming - well, that's fraud. That's why the regulators are involved, and every response from TNC has resulted in escalation to next level. This issue won't just fade away from here, the slow wheels of regulatory action are in motion.