annual accounts 31/12/08

This is copy of posting to Announcement posting.

Some interesting selling last half 2008

Annual report released 29/1/08

NPBIT - Annual report states that results adversely affected by $ conversion – credible but not supported by accounts which show that NPBIT was 2.7m down on 2007 due not to exchange losses at all but principally to 2m employee benefits plus .7 on ‘other’ exps

Equity remained static 2008:2007

Borrowing – increased by 43% over 2007 although gross sales were up only 10%; and stocks and debtors fell substantially; what's going on?

Gearing – clearly a change for the worse

Insiders must have been aware in the 4th Q of the outcome:
Employee remuneration does not just happen at year end
Substantial uplift in borrowing does not just happen at year end

Something smells and the response to ASX smells.