Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-5

Alas, like explorers, biotechs and IT start ups they all take time, usually longer than most are prepared to wait. I often liken these type of investments to my experience with some seedlings of native trees. I have witnessed some varieties doing absolutely nothing above ground for two to three years, and then they go for it. Clearly they are putting all their energies into the roots. Thus many businesses do they same. They appear to be achieving little but they are (usually) getting their house/technology in order and then away they (hopefully) go.

While the days of the zimmer frame are quickly getting closer for me, I still remain (fairly) patient for the returns we deserve. Alex and team at Thorney Group also have amazing patience, particularly during this market/interest rate cycle.

ISX and their team members are in for the long term, even when ASIC, ASX etc etc put up all the hurdles for them to jump over. JMT