Ann: Appendix 4C - quarterly, page-26

Hi bhs - thanks for the detailed comparison of the quarterly costs. Most informative. I have been meaning to have a go at the potential savings in executive salaries but am having trouble getting motivated. Will stick at it and see what I come up with. I note that one Director did not receive and fees last year and that's about what he was worth - attended 1 meeting out of a potential 14. Have you considered posing a question to the CEO in relation to the R&D costs? He is generally fairly forthcoming with information.