Ann: Appendix 3Y, page-2

So according to today's announcement Ernst has spent $10k on EAR stock at an avg price of 8.8c/share.... If he is willing to pay this price for stock surely this indicates that the 4c rights issue was terribly under priced?!?!

Sure, all shareholders got to participate but it disgusts me that Ernst underwrote a portion of the 4c rights and excluded any overseas shareholders from participating therein guaranteeing himself a portion of the cheap issue.

So here we are 8 months later with ZERO value added to the Company since the rights issue and significant cash burn but Ernst now believes ~9c is a price worth paying?