Ann: Quarterly Activities Report, page-8

When it comes to baobab you would have to say execution has been very poor. The decision to not do a bfs was a bad one and even though management at the time said they had the requisite skills to bring the project into production, they made some glaring mistakes and omissions which we are now paying for, the market doesn't like to be tricked. I'm sure mimran weren't happy either.

That said hopefully we have been through the worst and baobab should be in production soon and hopefully profitable?

Even though the jdc sarga continues I believe it has more credibility now then it did 12 months ago and we have to remember this process will change the industry. I'm sure part of the delay in the current financing round is around the current value of ihp which isn't a bad thing for Avenira. We should know by now that agrifos will never do a bad deal for themselves........

There is plenty of value in Avenira just need somebody to deliver on what they say.