Ann: Appendix 4C - quarterly , page-2

this is a very encouraging announcement with staff headcount reduced and now operating profits.
the bank overdraft is reduced ..and replaced with a private loan of $1m ..on terms convertible into shares which shareholders will have to approve . I suspect the sale of 4 million shares at 1.0cent was formwrly escrowed stock which was released on 31 dec ( Corfe ..the former chairman the seller ? ) .
Whilst such a quantity of stock ( 71m) will act as a cloud I believe that the company is now on its promised upward trajectory and will attract buyers keen to take advantage of the undeniable fundamentals of a currently out of favour stock.