Ann: Notice of General Meeting/Proxy Form , page-32

Nathan

I understand your point that it would be easier for a major to exit after a consolidation.

I truly don't believe this is the case in this instance.

My communication with management yesterday is that they totally understand shareholders concerns re consolidation and dilution. They also understand that there needs to be further clarification to the market re the consolidation before voting time or it will fail.

I'm optimistic we will have some sort of update before we need to vote.

Director's are excited about the future and I know that sounds very corny. We just need more time.

All I'm saying is for the large shareholders to now be agreeable to a consolidation there's got to be a much greater reason than to want to assist someone who wants out.

I have no specific information. Director's are much to professional for that. Reading between the lines.... I'm relaxed enough to wait to see if there is a reason why I should support a consolidation.

Currently I'm totally opposed to a consolidation but will reserve my decision pending any further clarification.

My sentiment is - HOLD