Ann: Breakfast Presentation, page-8

Yes it is an investor presentation that repeats what we have already seen. But it is all new to Patersons many clients so it does need to say what we may consider motherhood statements. AND t does say a couple of things we haven't seen before. Cash at 30 June is $11.o6m whereas it was $11.8m in the march quarterly. There will be some favorable forex movements in here but the cash burn was lower than I expected = good thing IMO.

They also got something like $700k for the exercise of options in the 3b yesterday and i expect more cash to flow from exercise of options before december. So cashed up for expansion.

As always, NFA, GLTAH, DYOR and IMHO

Cheers,

BSP