Ann: Appendix 4C - quarterly, page-104

I wonder given your predictions for ZNO why you would bother to hold any - on your estimate it is going lower and lower so preserve capital - sell get out and take advantage of a big dip in FPH which you cannot speak highly enough of. And sure - if you bought FPH at it's low you have more than doubled your money but if you bought ZNO you have multiplied your money 30 X even at the fallen price. And will FPH be $70 in a years time - not a chance - could ZNO be $5,50 - could be. Anyone can invest in anything at any time to suit their whim but I just am not convinced that ZNO is as dismal as some are saying.