Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-58

I really appreciate your insightful comments and industry knowledge, but my belief in the persuasive announcements of this company over many years, and the faith they would make hay in a booming industry with significant long term government contracting was misplaced. Over the last four year holding that view with trust has led to a 80% reduction in my moderate investment.

I feel that shareholders have been left out to dry for what has ended up being managements failure to meet their perhaps dreamy agglomeration aspirations. Shadows of the ABC child care company which folded. Buy with shares and finance and not gain overall. Owners of firms taken over that sold for shares and didn't sell straight away would be livid. They have lost a lot more than most retailers.

And history to date, in my opinion suggests the future wont work for the current board until;
(a) they get enough performance or otherwise free shares to justify their initial dollar plus "performance" investment;
(b) the golden handshake is otherwise formed

I have way too slowly formed the view that this board is having their shareholders on. Accumulate with debt and promise, grow but marginally and hardly all by organic growth, employ and build which adds to costs in circumstances where profits are minimal. Essentially not deliver prime duty. The upward growth arrows on the quarterly's suck you in - as the real value of the company halves each two years.

Staff doing well, Board doing well shareholders as the faith-full supporting shareholders lost 80% in 3 years in a burgeoning industry where competition was limited in Aus. As many have said if they cant cream it now When.

From .40 to .048 in over 2 years. The knife continues to fall and there is no explanation from management other than things will get better. We have set it up for the future. Trust us. I have listened to the forecast future for at least three years. Industry booming. Share price drops. How long do we trust before renewal of board?

I understand equities involve risk - and question myself why continue to I hold - its now only on the surrealist basis that, once again, surely it cant go lower. Perhaps burnt and disappointed in self discipline for the lack of the usual stop loss. The bottom drawer for how long? Ive wanted to sell before 10c and learnt a lesson - tighter stop losses in small cos.

Any investor in this company is entitled to be disappointed in the results of the decisions of this board - the value destruction is significant whilst all the upward arrow presentations don't reflect the loss with an apparent oblivious ignorance of that reality for holders. 40c to 4.8 during a boom - no consequence for board?

Message to investors - this continually sound good story is still a flip of the coin - even from 80% down to here. Good luck is needed.

IMO DYOR