Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-8

wow you have to love RAN. an exciting stock to hold.

lots to love in this report. .... and some concerns, but demonstrates the slow grind ahead. tian should get his mutliples but suspect he wont have the patience required.

biggest thing for me is they need this loan and fast. ideally from an external to build confidence and not a sweetheart deal like the last one. expect there enough in this report that with some added due diligence could get more than one impact investor across the line. look out for cop27 announcement.

indications indo profitability already in outstandings with greater margin again with addition cost savings underway.

biggest thing for me however is managements ability to hold this all together on an oily rag. at the moment cost savings (and revenue opportunities) are all constrained to the current pissy amount of capital on hand and hence requiremnts for almost immediate payback. additional capitalshould open up a whole range longer term but sunstantial benefits.

major concern would be the perenial problem of sales. ran noted this as a disappointment with no real explanation. open to the idea that customer orders may be subdued due to potential delivery delays but this only gets a small part of the way. ultimately all the costs savings are worth nought if there aint any sales.

final comment would be to say australian operations a joke and increasingly a strategic misstep. get the logic of having a foothold in domestic market but really cant see how this provides anythibg of the sought. capital and human resources would ve so much better directed at indo operations.

gltah