behind the scenes

certainly understand the frustration of fellow holders at the pace in which this project is moving and the missed timelines so I thought I'd share a bit of background.

There has been a couple of delays with govt that weren't expected but the main issue has been raising funding without discounting and diluting existing holders. Ken has been adamant that he was going to find further investors that could see and share in the longer term story rather than a quick buck. It would have been easy to raise through brokers on the terrace by having them pitch to their "sophisticated" client base but they want a significant discount to the current price to take a piece of yet an unproven story. I give Ken credit for not accepting these terms and diluting us further. He has acheived the raising and we have the funds to go forwards (3b shows shares issued and prices).

Also there is the "promoting" concern. ASX take a dim view of using annoiuncements as thinly veiled advertising but I do acknowledge updates should be provided in addition to the quarterlies. (shareholder newsletter?). Also if you want broker coverage without them getting a percentage of placement money you have to pay for it. OK if the coffers are full but given the limited cash we held probley not an option at present.

Anyway looks like things are now happening. I have absolute confidence Ken is acting in the best interests of all holders.

p.s. Ken's wife Irene has better english than most of us so never thought Salsa was her.......