This report is devoid of two things. Firstly, given the company...

This report is devoid of two things. Firstly, given the company has spent more than $12 mill on the project so far one would think by now we could see some quantitative forecasts that relate to throughput, earnings, cashflows and most importantly NPAT and Of course secondly without the quantities, how can you have a 12 month price target. I suspect it would be a brave analyst that would be prepared to give a 12 month target. After all we should be operational by then and one could not possibly predict throughputs etc As this is paid for research I feel APG has wasted our money on a pointless "warm and fuzzy feeling" report just in time for the AGM. It tells us bugger all and leaves plenty of room for APG to avoid accountability or to make it up as they go along or worse still, raise money through yet another placement when they run out money. Can anybody else see a recurring pattern here. The end point always seems to be 6-9 months after the AGM and then there are more plant redesigns and delays or finance negotiations and 12 months later we go to the next AGM, the board is confident of completion within 6-9 months and the cycle repeats. The MD and the board should be remunerated on results. In 5 years we still do not have a commercially operating plant. We as shareholders have had diluted holdings, no long term share price appreciation, no dividends, plenty of dashed promises and last year the MD received benefits (direct and indirect) of around $340k. A public company should be run for the benefit of shareholders and not the board members. It is true that the board own shares but many of their shares are only partially paid. I suspect, like Fergus, we are being sold another watch. An expensive one that is yet to tell the time. I look forward to seeing you all at the AGM.