Ann: Shareholder quarterly newsletter , page-6

One thing that strikes me from reading that document is the increase in the price of waste cooking oil. In 2006 it would have been around half the price of tallow. Since then tallow has approximately doubled and cooking oil is now at least four times what it was worth back then. I doubt the supply side has changed so it would appear that there is more competition out there for feedstocks, not only for biodiesel (cosmetics from waste cooking oil??).

I would suspect that the situation internationally is no different so tying up long term contracts with suppliers would be a good thing right now. We have one I believe that was negotiated last year, possibly that's what the 4.5M litres early December is about.

With the release of the newsletter I'm feeling a little less combative. Some dates have appeared which is good. I would have liked to have seen cashflow figures for the quarter before stumping up for the conversion... ah well, no risk no reward.