Ann: SFG HSBC New Banking Arrangements, page-5

And that photo was done on a good day in favourable lighting!

Funding PSD is the worry and was always the big task, everything else was sequential. The Board need to move to an off-take agreement of some form or use long term debt like bonds and get some backing from a local decent sized superannuation fund. If they don't it will be a continual on-market placement and dilution as has been happening or incremental off-market placements and that both of those leave the share price wanting. It is sitting around 7.5 cents which is not far off where it was over one year ago when this venture was embarked on.

Given the current holdings of the Board it is unlikely anyone will initiate a take-over and also the institutions aren't interested in getting in so the company is left in a bit of a bind really. A Board spill would be a wasted effort due to the holdings and shape of the share register.

Can't see the company taking the share price anywhere in the short or even medium term and for a long time strike it will need some serious restructuring.

I really liked this company and its intention but I believe it has lost its way and the holdings of the Board will prevent it from ever succeeding and bits of it will be picked off by predators in the future when it fails its first big step.

Such a shame to watch really.