MM, I have a lot of respect for you in that despite all the...

MM, I have a lot of respect for you in that despite all the brickbats you receive for presenting the bearish side of the story, you persist in doing so. You also have shares and you know a fair bit about the history of the company and your contributions help to maintain balance.

However, sometimes I think you let your bearishness, (or is it just frustration and disgust?) get the better of you. On quite a few occasions over the years you've sounded the death knell for TZ and each time it rebounds on some story or other, or a capital raising that 'amazingly' finds supporters. Why on earth would you be right this time when the company is not riddled with debt, has a cornerstone investor who would want to protect their investment and have not even taken any emergency measures to cut overheads yet or replace the board?

I well remember all the conspiracy theories about QVT wanting the company to go under so they could get the carcass cheaply from the liquidator, etc, but to me that doesn't make sense. The damage done by going into admin would be very negative for future trading and it is a risky, illegal act to deliberately let a company run into the ground like that. People would have to know what is going on and it could easily get out, with repercussions similar to those being enjoyed by our previous esteemed leader.

Why conspire like that when you already have a large shareholding in a potentially successful company if trimmed of the fat and led by full time professionals?

I agree that something has to give soon, but I think administration is very unlikely in the next year and have put my money where my mouth is. If anything I think we'll see another rabbit pulled out of the hat in time for the AGM. Whether it is smoke and mirrors or something that is more enduring I don't know, but remember what I am predicting.

I'm in Melbourne and can't attend the AGM, but might actually vote this time, something rare for me as it never makes any difference.