Ann: Shareholder Newsletter, page-62

that would be my guess in the end -

but, if you listen to what he says (and, IMO it is fairly recent) --

it might be a fair walk to the Colosseum - and many possibilities might happen along the way


eg. - licence --- partner - who later bids

or licence, bid, partner who later bids again.

Along the way - there could be a very large dividend stream as well.

It's not a good time to talk about what might happen - because people are sad and dull and angry because of the SP -

but, if any of us looks at it -------------- just look at the growth -

ref. ----------- the last several quarters -

now - if that OR better keeps up for another year - and, all we have to realise is that our contracts we all know that have been announced - are just beginning to become orders week by week - some indeed - haven't even started yet -

so - our 1 mil a month which is now touted as 2 million a month - which may well be way above 3 million a month at the end of this quarter (ref. read the newsletter) ---

in 12 months ------- is it possible for that to be 20 million a month?

Is it possible? -- well -- where are our biggest markets ------------- polymer, PCM for sure - and, maybe another one or two others yet to come -

also, some of our bigger touted deals to come on stream (military being only one of them) - so, is it possible?

well - if anyone answers yes ----------- and the margins continue to grow -

shall I say one thing --------------------------- do the maths.

Look at Dirks newsletter this morning re. costs ------------ they are controlled.

Margins are rising

just do the maths.


If people want to cry into their tissues because of the SP ------------------ fine -

but, don't disregard the numbers ------- it's all there really.

Work out some of those figures for 12 months - work out using the margins they are just beginning to get - then work out the tax and see what's left - the business isn't going to need to keep a large cash kitty - not unless big ideas come in - and, if that's so - then the growth would be massive anyway -
so - when you work it out - (and, that's only 12 months worth - lets not even think 24 months) - then what will we do with the cash?

1 cent per share is only $3.2 millon apx. - 10 cents is only $32 mil. apx. ---------- just do the maths again.


All IMO ------------ well, really -- you can ref. any of the above - it's all there.


Pinto