Ann: $0.34M LOAN FROM MAJOR SHAREHOLDERS, page-9

I don't entirely agree with the view that the focus on France is solely responsible for the fall in the share price.

The poor share price performance over recent months has probably had as much to do with the mention in the Annual Report last year that Variscan was planning to list on the AIM market in London. That would typically result in a share consolidation, as most English fund managers are apparently a bit bashful, refusing to invest in companies with low share prices.

I always like to give new management the benefit of the doubt, but I'd have more confidence in the company if they reconsidered the AIM listing.


While I don't disagree that the company needs to have a broader focus, there are plenty other areas of Europe with interesting mineral potential, including some areas that are less hostile to mining projects.