Ann: Preliminary Final Report, page-11

I'll answer this one, because I think its super easy based on the last 1 to 1.5 years of results:

As a holder even if I think some of the current holdings are quite interesting and may play out well in the future like RFN did (in the beginning), management have:

-established a clear pattern of raising capital through dilution to invest in new projects. This is great and all, but really none of that mass investment has come back to benefit us in the last 2 years (with the exception of the short lived RFN bump). At the moment investment in CHP is theoretically money thrown away because the risk of dilution currently exceeds the reward of one of those investments coming to fruition (BTW I know that management have indicated they won't cap raise anytime soon, but confidence in them is really low)

- All those projects that are slow burning, we have not had any news on how things are going for the last 2 months. There was a flurry of news before the consolidation/raise, but otherwise all quiet. There is next to no new money coming in here lately. Id love to see some decent project updates that are not a rehash of the same 2 sentences.

-There is a lack of trust with regards to the valuations after the rehashing of the books, and I doubt those positive numbers will play out in our favour until one of those investments blooms and a new bunch of investors come in with a rosy outlook. Otherwise the current holders for the most part are tired of having their investment trading at such a low value and don't look as optimistically at the future prospects as a new holder might.

In summary, you could argue that you are throwing away your money with a CHP investment because the trend line for your holdings value has been downwards for the longest time and they have given nothing to indicate that the winds are turning.