Ann: Letter to Shareholders , page-51

jordy

I am not gloating, and have more than my own fair share of bite marks from the sharemarket.

My main point is that CVN is just a spec stock and one ought to treat it accordingly. It is not investment grade.

One thing I have learned from hard experience is that when a company consistently does not meet its targets it is unlikely to change for the better.

I note you have been in CVN for many years, and I hope you have taken profits along the way.

CVN's presentation at the AGM provides some hope for its future, and I hope it can get back to its former glory.

Good luck.

loki