Ann: Appendix 4C - quarterly, page-5

jjace

I don't think anybody here is going to argue with you! That's been the message on HC for many a year.

True, an occasional true believer has argued that something might happen, given the dedication of GCN over the years and given the number of irons that GCN has in the fire. One of the irons must surely get red hot.

Even the true believers have now realised, I suspect, that the fire was merely an illusion of flickering electric lights simulating a fire. In fact the accounts show that GCN could no longer afford to pay the bill for the pseudo-fire's electricity, without getting into further debt.

For me, GCN remains an instructive tale of what can happen to investors' money.