be very very cautious smells really bad, page-5

Hi Sandybeaches

This is just a quick comment, as such please excuse any typos or grammatical erros.

Just a quick recap on the past 3 or so years:

1. Most recent AEM business was that of 'talent' scout making money when XYZ person got an add, tv spot etc. That business lost money.

2. Existing Management sensing an opportunity to tak control of a listed company (this happens with many spec companies) by buying shares and taking on management/director position. Management runs off or sells existing business, probably encounters a few issues (i.e. suing one of the previous directors), to now be left with a shell.

3. New Management spot an opportunity with a Thai Coal project and start going about getting the appropriate grants/licenses etc, during this time Thailand experiences riots, political upheavel, floods, change of goverment/minister. To this day this has held up the necessary Thai approvals.

4. Due to the delays on the Thai deal shareholders and managment want progress on the new direction (back door listing) of the company. Management spot an opportunity with the current Indo Gas/Oil exploration (existing small production) deal. Those that have followed companies that deal in Thailand, Indonesia, PNG etc know that it is not unusual for project approvals to take much longer than anticipated (they simply don't move to (our) Australian's time frame) this can be regulatory and also self interests at play.

As a shareholder since the announcment of the change in business direction this has been an extremley frustrating wait.

If you take a look at all the other penny dreadful companies that have changed direction, acquired new projects etc etc, management and their connections/expertise in acquring projects is ALWAYS the key.

With all due respect, show me a company that has not undertaken either a new project/direction that did not have a key person (or two) and that actually achieved a share price re-rating and got out of the doldrums to actually become a true business and i'll eat my shorts.

If you don't like key person risk or companies dealing in third world countries and all the challengers this can present, then may I suggest you stick to the industrials.

Obviously only time will tell whose opinon is correct. Considering the dollars I have invested I sure hope it is me :)

D: Hold plenty.

Cheers

Clever1