Ann: Change of Director's Interest Notice , page-3

the share price has more than trebled in little over a month. clearly something is going on. I think the current level is a little unsustainable. not to demean the efforts of the current management which clearly appear to be exceptional however we are talking about a company that was recently on the brink of insolvency. earnings for the last financial year were 2 cents per share but included in that was a big contribution from non continuing operations. EPS for continuing operations was at 1.4 cents per share. There is probably lots of room to increase earnings by tidying up the P&L from the near insolvency days i.e. going forward there should be a decrease in professional services expense, impairment expense and interest expense as debt is reduced amongst other things. Assuming acceleration of that expense reduction and earnings of .02 this year then the company is on a FWD PER of 7.25. You can actually pick up much safer, more profitable businesses with longer track records on similar multiples on the ASX so without the promise of an exceptional return why would you take the risk at current prices? Congratulations to all those that picked shares up at the 4cent level and have held on.