Ann: December 2015 Quarterly Activities Report and Appendix 5B, page-17

Yes it was and I guess on that basis they had to proceed. Ian Pattison had the most shares and thus the most rights but if VXL goes bust is the biggest loser. I am just surprised that he (assuming he knew the full extent of the production problems) proceeded in the face of the problems to allow Chimeara to proceed with extending $5.5m in credit to VXL when they did not have the assets to repay the loan. It took me in; I felt that the production situation could not possibly be as bad as it ultimately turned out to be in the Sept quarterly (when they were forced to admit it). I also talked to CD about the situation and he fooled me.