Ann: Becoming a substantial holder, page-341

I believe Paul manages the company to position the business to cater for niche market requirements.

Of course I would like to see faster return on my investment in the business, but to develop competitive advantages takes time.

Capital is obviously available to go for PO vision. (see substantial holder).

ZIP seems to close shop soon unfortunately and FRX doesn't seem to be in a market with sufficient margins to be viable (hopefully I am wrong for the FRX holders.

Paul's approach with NOR is more sophisticated and value add. Let's see how the cash flow situation will go over the next 12 months.

Thanks

K