Ann: Appendix 4C - quarterly, page-70

I’m thinking that the Board is probably pretty aware that you can’t sustain debt and continue to make losses and then expect to survive. It’s sorta business 101 and I’d expect even the least commercial of them would know this.

In fact I’m pretty sure most of us know this as well. But on the other hand if people only ever invested in shares that were making a profit many early stage companies would never get off the ground. So of itself debt or no profit is not really the issue.

The problems actually lie elsewhere - and that is in the approach the previous board took to managing the business and what I’ll politely call communication and reporting to the market.

Where people seem to differ is in their tolerance for waiting, the price they paid on entry and the extent to which they felt “taken in” as well as their willingness to suspend judgment in the meantime. There are top twenty who have continued to buy and some of these are scarcely what I’d call poor or with a poor history of making money. I’d think they expect to continue to make money. Others will have sold because they wanted security rather than risk. Isn’t that the game we play on the market? Only time tells who was right or wrong.

So you differ. That’s great. Do you have any more detailed analysis, future projections and good comparisons of like companies in the same industry sector? Have you checked out the credentials of the new board? What’s your thoughts on the upcoming AGM?

P