Ann: Share Placement to JFE Shoji Corporation, page-112

zero debt after 3 years not 11 years would be a far better result regardless of purchases etc etc 6-7years marginally bearable but 11 years on we still have a large debt. Raising money at year lows to fund working capital....selling a smelter for working capital....don't get me wrong I am well aware of companies strong points....but delivery on debt reduction has not been one of them...could easily be self funding our working capital by now....I feel it needs questioning? IMO the good deals are not yet done with as we wallow at year lows on low volume and a persistent push keep SP low.