cash machine, page-4

now we know reason for no guidance The odd brokerage house and others...have in the past been a little critical of management.

This view stems from the fact that management are conservative. (eg. why would they tell Hartleys of a three month lag in receipt of higher spot...with a result like that). ZFX management would argue that they did not wish to hype the shareprice....let results speak for themselves.

Accordingly, it is easy to understand now why there was no July update, as way the case in previous years.

There will be a move on the company prior to October, when that big dividend is planned. (in my view)

ZFX have previously indicated what the company is worth ie $16 per share. Any corporate action towards ZFX may be a friendly at around that $16 plus dividend.