Cautious apprach needed, page-12

Looks like we all missed the obvious. I know I did, and I'm a bit irritate with myself since I've seen this happen before.

They've only signed a Heads of Agreement.

So actually, as of this moment, they've got nothing.

So let's look at the fine print from the "continuing negotiations" ann that's just come out.

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- A 10:1 share consolidation: no surprise there.

- Renewing Frontier's 10% placement facility: hahaha! no surprise there.

-Listing Rules require shareholder approval for Directors to take up Shortfall and it was/is intended that such shares to be approved and issued to P.A. McNeil in lieu of cash for personal exertion income: oh I love this one, I don't remember the original documents saying that the shortfall shares would be shunted to P.A. McNeil "in lieu of cash"

- Issuing all Directors with incentive options (only the Chairman presently holds any Director options): absolutely NO surprises here.

- Ratifying an Employee Incentive Option Plan: at least they snuck this one out already.

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Well let's see how those "continuing negotiations" work out. When the ink dries on the JV, then there might be cause to celebrate.

What a great Friday afternoon ann. If it had come out after trading it would have been perfect.