Ann: Company Update - Annual Report, page-14

""(Pluton didn't have much choice as to whom they select as a joint venture partner. It was Wise or nothing. As to where Wise got there funding from hoots might be able to enlighten you there.)""

Well, looking in perspective, we would have been better off with the nothing side of things. For, it is very clear that, at the time the decision was made, was to fall from the pan into the fire.

IMHO we should have called their bluff at the time and see if they (WISE) were willing to walk away with nothing themselves. Instead they have been allowed back in under their terms and conditions and look at what they have managed to do to us. Now, besides not having paid one single cent towards their side of contribution and owing us millions of dollars in unpaid money for the JV share of expenditure, they want big bucks and/or closing us down altogether.

Now, who was it at the time that said that it was the worse decision that we (The Board and the Executives) have ever made.?? I remember saying as such but it was just treated as a blatant downramping by some and someone who is/are not even posting anymore.

Who was it that said that we shouldn't trust the Chinese while the same treatment was dished there as well.??

Let me tell you, like I've said many times before that the Chinese are very good people, but when there is money involved IMO the things are a little different. As such, I have always had my reservations about the JV reaching a climax. Now, my fears are confirmed. To believe that once Wise failed to come up with the promised funds and notify Tony and the Board just about an hour before that meeting that was subsequently cancelled as a result, would have had to be the most foolish thing that anyone using common sense would have done. Yet, someone in our dearly beloved Board at the time did.

You know that old part in that song.............Ohh those Russians!!!

Well mate, and in contrast, all I have to say now is: OHHHH THOSE CHINESE!!!!!!!

They have now practically managed to send us broke.. and,.... if we are to survive the tsunami,.... diluted us beyond beliefs while they will be allowed to walk away with their saddlebags full of money.!!!!!

Once again if I may.....OHHHH THOSE CHINESE!!!!!



In closing, is the following part, which happens that you wrote in your post, part and parcel of the Risk Management Committee of a company?? :

""(Risk Management The board is responsible for ensuring that risks, and also opportunities, are identified on a timely basis and that activities are aligned with the risks and opportunities identified by the board. The consolidated entity believes that it is crucial for all board members to be a part of this process, and as such the board has not established a separate risk management committee.)""

IMHO........OUCH !!!!!!!!

dyor!!!!