Ann: Annual Report and Appendix 4E , page-5

Yes. On the face of it, I'm not a happy camper either.

I also think that we will not be privy to the strategic review findings.

That said, I'll try to adopt my 'glass half full' view of the world. In those cricumstances here's some thoughts on what I would have put in the report if I'd been paid everso handsomely to conduct it.

1. ONC needs to accept that it is an 'entrepreneurial' sort of operation and so it can kick-start companies and sell when these enterprises reach the end of their first growth spurt.
2. Companies operating in China in the segment ONC currently occupies, will be worth more if they have a licence.(Buffet club is not in this segment).
3. The various arms of ONC have plateaued except for Buffet club (which is only a couple of months old and does not need a licence).
4. The board (Abonathy) hates debt and currently have enough cash to purchase one licence.
5. Companies need to have been operationg profitably for two years to be able to apply for a licence.

So the 'recommendations' are:
a. Sell the least valuable company (Bill-to-Bill) now.
b. Apply for a licence for the most valuable company and then sell.
(Note: companies in 'a' and 'b' appear to have levelled out).
c. Continue to operate Buffet Club (no licence required) until it plataeus.

And from a shareholders perspective.................please return the capital raised form sales via a special dividend.

There you have it.

It would be nice if this is what is happening. One lives in hope!