Ann: Trading Halt, page-21

I had them at $40M end June and making money Sep Qtr. Then again, the Shaw report hadn't dropped and I was more than a little guided by the glowing reports on HC from his Noosa presso that things were on the up and up, 75% production rate next bla bla. Plus they have a $15M NAB credit line untouched.... so everything pointed to $50M of liquidity heading into a cash generating Sep Qtr, so a CR was off the table.

Play in the ASX and you are going to get hit in the face by misleading management is the inescapable reality of the sharks we swim with. Been hit plenty of times before and will get hit again despite my suspicion and efforts to ignore what they say but look at what they do. Anyone wondering why I'm so cynical, always calling out management BS and seeing the glass half empty STA is just another example of what I call out every day.

Posters like to chip me for being negative, but I play defence because not losing money is as important as finding winners. Although I got this wrong in the end, called it right on the way down which did limit the damage considerably. My approach is not for everyone and no guarantee obviously, but as part of a team approach (HC being what it is I say that euphemistically) it should be part of every investor tool kit to test their investment thesis... based as it usually is off management guidance.

I'm taking my blood nose away to kick the cat elsewhere, GLTAH