Ann: Annual Report to shareholders, page-3

The ITO tax appeal was declined. Why was this not disclosed to the market at the time? As a result of this ruling then a lengthy and costly court battle against the Government is the only option left.

Can RAN even afford this. If you include accounts payable, then the cash balance at the end of December is less than 1 million.

The auditors could not agree with the Directors on leaving the tax liability out of the books. The reason given was because the Directors did not provide the level of evidence needed to form an opinion. Why not? Or did they provide the evidence but it was still insufficient in minds of the auditors.

Any business that I have been invested in over the years that have had tax negotiations with the Authorities normally settle somewhere in between. None have ever gone through official Court proceedings. I will be watching with interest but don't like their odds.

Re suspension to being officially delisted in December if ASX compliance matters have been met. I would suspect that RAN would not want the expense of going through the relisting process. For a start, they would have to be fully capitalised before reapplying. Meaning that private investors would invest before relisting. The dilution for the current shareholders would be disastrous.