Ann: Trading Halt, page-44

My honest opinion is as follows:

Fellow SH'rs should be disappointed not with management or board but rather with our major SH'rs one of them including Delphi who leading up to October oppies expiry decided to buy a stack of shares off market well below market price rather than buy on market which I believe would have sent our SP into the strike price of $3.00. we were trading above $2.00 a share at one stage before a price decline.

No CR would have been required recently which I believe has absolutely tarnished the reputation of the turnaround. This was an extremely damaging move from our German counterparts which has now damaged their ability to realise a higher SP on our register. This is really a case of a strategy of greedy accumulation coming back to bite hard on the bum.

So having said this, what is the end game for them to accumulate at the lowest cost possible??? Their actions only gives me one outcome in the future. They are on the register for a T/O. Accumulate as many as cheaply as possible seems to be the operation for these guys. I am very keen to see what they do in the coming weeks.

interestingly the oppies would have resulted in a 6% dilution to raise the $20million for drilling but require our major to be buying at 2 X times plus what they paid recently to support the CR to maintain their holding. Instead the big boys were not interested in retail supporting the $20million options conversion at $3.00 but rather took the decision to support the drilling themselves albeit at a much lower price of $1.43. This required a circa 15% dilution and another damaging blow to the turnaround story. Well done you major SH'rs only looking after your own pockets and not of those on the register with you.

To me Milan has delivered on everything he has been saying and our major SH'rs not just Delphi but the others have not done their job on our register.

If the instos want the price higher, I assure you they have the means and ability to get this price higher. They just seem to be content to let it trade well below market value.

You wanted an opinion, that's my opinion of why we are looking at a SP in the low $1 mark right now.