Ann: Appendix 4C - quarterly , page-21

RW

I doubt that anyone knows the answer to your two questions - and that includes GCN and P1 themselves.

However it has been the style of GCN, over its 12 years of existence, to announce one new scheme after another.

It's not research suitable for faint-hearted holders of GCN, but if you have the nerve then go to asx.com.au and click on 'Announcements'. Choose year after year for GCN and you will see what I mean.

What's happened to all these schemes? Well, in some cases the dog has eaten GCN's homework. But others just fall off the back of the truck, so are not delivered, and become unmentionables for ever more.

You ask if they are playing us as chimps. I don't know the answer to that, but I suspect that a factor is that GCN's actual managerial skills don't match the belief the company has in its ability to see a scheme through to being a revenue earner.

Of course we are certainly chimps if we don't recognise that what is happening now is par for the course for GCN. Some of the true believers argue that we should ignore ancient history. But the unmentionables extend up to the present, as the announcements for 2010 and 2011 show.

Can a leopard change its spots? I hope so.