Ann: Annual Report to Shareholders, page-2

Hi All

So no significant changes as a result of the audit.

I was wondering if anyone can help me with an item.

The incorporation of the Thailand Subsidiary post December 31.



The Thailand subsidiary is mentioned in the director's report (page 13)



I can't remember seeing that before. Can anyone refresh my memory if it has?

A possible JV in Thailand has been mentioned several times including the announcement around the completion of the recent Cap raise.....





So is the incorporation of the Thailand Subsidiary the step before the announcement of a Thai JV? Does that mean it will drop soon (ahead of the other possible JVs?

I actually though the South American/Brazilian JV would be the first to drop with any number of suitors there (Mottu, Vammo, Riba, Watts, Italika...).

Cheers