Ann: Close of Pro-rata Renounceable Rights Issue , page-4

re: Ann: Close of Pro-rata Renounceable Right... Polpak. You summed up my sentiments in your post. Although, PAX isn't quite my worst investment LOL - I have a couple of others that I wish I never heard of - my investment in them, like yours, is down a bucket load.

I didn't take up the offer either for similar reasons as yourself. I certainly believe the cr was done to low - considering PAX was trading close to 8 cps not too long ago.

I think I can understand them not wanting to pursue Salamander at this point due to the considerable lack of political leadership in this country and the uncertainty this brings. For my mind if they can generate revenue in a proven geo field (Indonesia) then they can start moving forward in Australia.

However, I think they need to release an update on Salamander so shareholders can make informed decisions. The longer they choose to ignore this fact - the more shareholders believe there is something being covered up and lose faith (more) in management.

Anyway - it's all imo and I continue to hold as I believe geothermal is the power source in the very near future.