4th quarter activities report, page-9

hi sinbin

appendix 5b cashflow report ( the document in question) is a very standard document, one that is not particularly open to interpretation.imo
I have already outlined how i read it and i also considered that IF in the unlikely circumstance that AVD bankers decided to reduce loan facility to US$7.4m from US$20m that would be considered to be a material development of which the Co would be obliged to inform us.

Sinbin it seems that u and i both have shares in other Co's run by these guys and u and i have , in the past, thrashed out our opinions on multiple directorships and have agreed to disagree. I respect your right to that opinion.

Tell me this. Why, if these things are an issue for you, did u get involved with another of their entities (odn float) as recently as sept 07. I can only assume that you have some faith in their ability to pull things off.
Bye the way ODN is up 40% today, the AVD sp is awful but showing some signs of life and Vector listed at nearly double issue price and is still nearly 40% above issue despite negative markets, looks like someone is moving to take over Regal and yes Palace seems to be a dog.

I am not directing this specifically at you, but i cannot understand why unhappy shareholders hang around putting the boots in (which helps no-one) instead of selling up and chasing other opportunities.

Personally i see these market disruptions as an opportunity to pick up cheap stock. I looked at my portfolio and went over my rationale for buying each stock then, putting sp to one side, considered if anything fundamentally had changed in the various Co circumstances and made a decision to hold or sell. Its my belief that energy stocks will again find favour in 2008 and AVD's model for growth still makes sense to me, sure there will be bumps along the road, that is business and the stockmarket. such is life .

Obviously i have interests outside this group of companies, but overall i have made money in my investments with this group and remain confident that i will continue to do so. They will not all be winners, but thats investing for you, eh. In part its a question of timing. eg if u took AVD at ipo you havent done your dough still (only just) and infact had a chance to get out above 50c doubling your $$$, if u bought at above 50c+ u have lost a fair bit of $$$.Bad timing is the investors fault imo.The AVD chart is not disimilair to many of its peers although volumes pretty thin.Tightly held companies work both ways , they fall hard on thin vol but equally run fast when on the way up.

cheers


P.S: deadnick have u rang AVD yet and checked out the facts on bank facility, i do hope you will report back as i think it is important that we agree on the situation one way or the other, as it is a fairly important point to clear up.