Ann: Company Update , page-99

I think some perspective is called for with respect to the Geelong 'production problems'.

Many moons ago (mid 80's) i worked for a company that introduced natural cheese slices to Australia. We imported this specialised machinery from Germany and they flew their engineers out to install and train production personnel. Yet even though it had been installed in a couple of sites around the world it still took us 12 - 18 months before we reached targetted production levels.

Fast forward to MHM. World first production at the Geelong laboratory, a far more complicated process than slicing blocks of cheese and yet there are people who expect target levels to be achieved with no hiccups, fine tuning, unexpected problems etc.

This scenario calls for patience from long term investors yet throws up opportunity for short term traders.

The biggest real problem with production was FR's misleading announcements. Why did this happen? Was he deceitful? Was he naive/ over optimistic? Who knows. If he's at the AGM you can ask him.