Ann: Equity Raising Investor Presentation, page-90

I’m certainly not as angry as some posters on here, but I think it’s important to note some facts:

- definitely some insider trading going on. Whether it’s WBT or someone else with a leaky ship, we don’t know
- for all us holders, if we take a hard look in the mirror we were all driven by greed. At $9 a share in such a short amount of time, it was only a matter of time before this happened. We all had the opportunity to sell, I was considering it too but got too greedy

Now Coby:

what I don’t like is that you make a sudden unplanned trip back to Australia (we now know why). On this trip, you hold an investor briefing and when asked about capital raising, implied that it wouldn’t happen because you had enough cash for a year. You knew damn well what was going on, and of course you could not divulge that information to the market. I understand this.

But what you could have done at the very least is chosen your words far more carefully, especially as in hindsight we now know that you were involved in talks with investors about said capital raise. If we look at the reasonable man test, what would anybody in that meeting have inferred from your comments - the capital raise was not necessary any time soon.

Secondly, the timing of the trading halt was just plain wrong. Waiting until questioned by the ASX? Unacceptable to me. WBT needs to be far more proactive here and given the crashing of the share price, they could see what was going on well before it finally halted. This could have saved new investors from paper losses and also would have potentially increased the capital raising price.

I think the above two reasons are the primary reasons that cause me to have lost a bit of confidence in WBTs leadership. Not totally pissed off, but certainly lost some confidence. If I’m wrong, please tell me why.

Many have commented on Coby’s grin on this forum in the past where he is so confident and can barely contain his excitement. Not sure about that grin now, we might need to start calling him the Smiling Assassin