Ann: Chairman's Address to Shareholders , page-8

You might be right about there being plenty of time to buy even on good news, Teddy. There will be plenty of scepticism after the way the last few years have unfolded, and plenty of burned shareholders may be keen for an exit. You still may have to pay 20-30c to get decent volume if there is good news confirming the economics, but as I've been saying for a couple of years, much better to pay an unrisked 20-30c shortly before the big rally than paying 20-40c and watching it collapse to 5-10c while still extremely risky, and taking the high probability of it going to zero or close to it.

If things are going to go well, the technology is sound. If that's the case, the SGS report will surely be good, and we should see it shortly. I can't forsee a scenario of success which doesn't include that report coming very soon. Having said that, I can't imagine things being as good as the claims without it already having been released.

Honestly, I think the only thing stopping the price going to liquidation value now is the true believers refusing to sell, and buying more if the price drops too fast. Additionally, traders will buy in for a quick profit, knowing they'll profit from the dead cat bounce. It's little more than price anchorage now, in my opinion, and that can only cause drag.

I can't help wondering if again promising imminent provision of the report means they actually do have something they think will be at least ostensibly positive, or if they're just demonstrating complete belief in the blind, naive faith of some investors.

All in my own amateur opinion, speculation and guesswork.

Without the SGS report (which I expect will be the case) I'm expecting below 2c by the end of next year, possibly in the first quarter.