Ann: Appendix 4C - quarterly, page-39

It is possible that the majority owned subsidiary companies did pay dividends, and therefore the dividend that was actually cash paid of $2,447k to external parties and the dividend related to the shares owned by JAT was actually eliminated on consolidation.

I don't understand how they received dividends on a consolidated basis unless they received dividends from investments in other non-consolidated entities, which I dont believe they have.

But I agree, it does look like a consolidation oversight, unless there is further explanation which I don't expect will be forthcoming.

We can expect to receive the half yearly report at end of February which should give us our first accounting profit. This I hope is a catalyst for a re-rate. Fingers crossed, but I still reckon the majority owned subsidiaries is causing a valuation difficulty for the market.

The best thing management should do is to buy out the majority owned subsidiaries to get to 100% ownership.

AIMO

HB