Ann: Resignation of Director - Thorsten Kraemer, page-7

> Against that background I'm not sure if that's the right time for Freenet to start a new adventure in such a competitive and matured market like Australia and if their potential offer would satisfy Langfrist who own almost 20% in AYS acquired at a median purchase price of some $1.21 per share representing an 81% premium on Friday's price.

At some point Langfirst may be willing to cut their losses and accept a lower price.