Ann: Appendix 4D and Half Year Financial Accounts, page-4

Greetings Tooheys,
I'll rise to the challenge of trying to take a positive view:
IMHO nothing has changed..... YET!  We need to resolve the PrIME issues before we can move forward.  The initial judicial processes and the move now to arbitration are positive signs for us.  Specifically we haven't been defeated by the significant effort and dollars some in Singapore have invested in trying to sink our ship.  

Further, unless all the money that has been spent in Singapore since the "spin out" has been completely wasted by PrIME (and I wouldn't completely rule that out) then the value of our PrIME shares over and above the fitout cost should be many times "the cost value" recorded in our company accounts.  The two paragraphs below from the last ANN shed some light:

"The three parties, Memphasys, PrIME and Manukan, have agreed for the disputes regarding the debt and the B class shares to be heard and resolved by Arbitration in Singapore.  Memphasys is optimistic that this process will enable the disputes to be resolved fairly and efficiently.  Further details about the disputes are provided in Note 11.

The value of the B class shares held in PrIME has been maintained at the same cost value as the prior year. Given that the range of reasonable fair value estimates on these shares is significant and the probabilities of the various estimates cannot be reasonably assessed at this stage, Memphasys is precluded from measuring the investment at fair value."

So I would say there have been positive developments in recent months and slowly but surely we are edging ever closer to ditching the mill stone around our corporate neck,  for good!  Remember always that there are people in Singapore who have had a vested interest in seeing MEM fail, if only to eliminate a possible future competitor.  The penny should have dropped by now with the people backing them and investing in PrIME, that our Board won't let this company go under and have been prepared to increase their level of skin in the game to ensure survival and for all shareholders benefits.

I trust in the fullness of time we will be rewarded with a big multi bagger increase in the SP from these pitifull levels.
GLTA
Kind regards,