Ann: Response to ASX 3Y Query, page-5

Another sad story of of integration synergies being far less & taking much longer than expected, with the use of leverage magnifying the fallout from the failure to execute. Smarter people than the previous board have fallen foul of this reality many times in history. For those that have been in this stock since the listing its a particularly bitter pill. Having said that, if the integrations had gone well, the previous board would have been hailed as heroes for the leveraged strategy. A colourful broking identity once said to me that "averaging down has redistributed more wealth than the French Revolution", and I do somewhat follow that advice. However at 1/2 a cent & debt free, even with the enormous dilution, this looks like good buying. It would appear the clever folk over at Black Crane would agree.