Ann: SHARE PURCHASE PLAN , page-20

The share purchase plan is a great way to peg the SP at 1.3 to 1.4 cents. Those shareholders that don't have 10k in ready cash may sell all or part of their shares and buy them back at the equivalent of 1.1 cents ps. This is commercial prudence but it is not good for the SP. So expect the SP to lanquish until the last settlement day before 29 July.

It does not seem fair to me that my colleaqe who owns 1000 shares in BLT purchased at a cost of 16$ get the same opportunity as a long term holder who purchased shares at 4 cents plus some time ago. A non renounceable rights issue would have been much fairer - but more costly to BLT.

I get the impression that the money raising issue is a bit of a nuisance to the BOD but it is something that has be done to ensure survival of the company. Of course we all want this but I just wish the BOD would take shareholders interests a little more to heart. If PF can not do this the he should be to Director of Research, a role he will be very very good at, and put someone like Hoyland or Maxine as MD.

Just some thoughts, certainly not investment advice.