Ann: XTEK Managing Directors Report, page-3

Saucy88 your XTE glass seems half empty. I am an optimist and see XTE as glass half full - EBITDA up 166%, revenues up 25%, reasonably recurrent revenues this year of about $30m with about $95m for which they are competing, the higher margin proprietary product and servicing going from about 10% to about 30% and the 'long term' ambition is actually 'medium-long term'.

I agree it would be better if what 'medium-long term' means was made more clear. But I see the Board has been more upfront about the problems commissioning the Adelaide plant - if they can continue with clearer communications there might be less grumbling on HC. One place to start would be publicising targets for performance share issues upfront rather than after the event. Relating such performance targets to the $100m goal upfront would be useful.

As to share price that remains a function of performance and market perception. Our interests here remain best served by continued improvement in performance and communications about that.