Ann: Annual Report , page-3

I'm actually quite proud of this little battler. Its had a lot to overcome since it floated.

The report obviously doesn't mention any shipping dates, which is disappointing to many (including myself), but its clear that they are really focusing on reducing costs and making a profit - and surviving.

I'd rather it takes longer but makes money, than ships sooner at a loss - or doesn't ship at all.

Seem to need to let them do their thing, and as investors we will have to await seeing some revised costs, but its clear that they are targeting to still be in business if IO is around $90.

They will either get the costs down and obtain the capital they need, or else IO prices will fall further below $90 and we don't have a chance.

So really the position to take comes down to your own belief in IO pricing and the AUSD.

I think the SP is now actually quite attractive, when you consider cash in bank, and assets. Starting to shift sentiment from HOLD to LT BUY.

IO pricing above > $90 required to stay in the game. Its currently at $106.

Forty - agree that the money that came in from the 75c option conversion was crucial for todays survial, but then so were all the other CRs and those that bought in on the float for $1. Hopefully the rewards will come, perhaps taking longer than hoped for, and perhaps less than hoped for.

Dont write this one off yet.