Ann: Quarterly Activity Report and Appendix 4C, page-9

Hi mate

Given the long and varied history of old management and what I consider to be the ongoing stigma associated with the business, you may find it will continue being illiquid for a while yet.

I also think it largely depends on management's decisions and the release of the annual report.

When the market realises in the fullness of time, this mispricing, I think we'll be adequately rewarded, but it is critical the business continues improving its performance and that we continue to see EPS growth.