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

It is certainly on the nose with the market & has been for some time.

I have started to rethink Pitt's strategy. I'm now wondering whether he's just giving these guys enough rope. He constantly tops up after being diluted by every capital raising. The last few raising's he has declined to contribute to the issue. Instead buying on market for lower prices whilst the issue is being digested. Always maintaining his holding to just a percentage point or 2 below the takeover threshold. Is he now waiting for these guys to implode. Then move on in, pick up the pieces & control ???

R.T was reportedly so influenced by Aurelia nearly going broke several years ago that he became determined that such a situation would never eventuate with Peel. Ironically however he may end up being the architect of a company with so many shares on issue ( by the time they are ready to mine - " on the 12th of never " ) that the returns generated become paltry.

Ego often doesn't receive enough focus for the detrimental effect it can have upon a company.