Ann: Close of Pro-rata Renounceable Rights Issue , page-3

re: Ann: Close of Pro-rata Renounceable Right... For most our cash investment in Panax is down significantly.

It remains today my worst investment in past seven years.

IMHO most shareholders find money hard enough to obtain, so can not afford to waste it.


Restrict my short term trades to stocks where exists long term investment.


Panax management failed to adequately explain why Salamander failed, failed provide their ideas re solutions, has it been set aside to forget ?

These central to my decision NOT to take up the offer.


Appears others felt likewise - barely a quarter of the 2,300 shareholders accepted leaving Taylor Collison to take up ~34.7 million shares worth $695,000.



The Salamander problem itself was not my disincentive.



Developing new processes do expect challenging problems to arise, and delay the final benefits.

When explained properly these just technical challenges being addressed during development.



Clear statements about failings, with options to resolve, explanations of which seen as best options, and action timetable, usually satisfies self - and perhaps others.


This absent suggests Panax still not knowing what went wrong... or what to do.



As do see potential, my sentiment remains "Hold" as not wish to write off the investment, currently not prepared to invest more here.