Chairman Interview, page-65

Tas mate, you could be right, but you are a bit light on reasons for your concern. I have had to look at a couple of earlier anns. in an effort to make some sense out of your argument.

You say, "I've been watching for a while, recently bought in at 14.5c, then decided I was too quick, there will be a CR coming at some time soon so sold out yesterday at 14C. small loss"

"CR coming at some time soon". you say.

Take a look at Appendix 5B, June Quarter.
8.6 - Available funding for September Quarter - $4,043,000.00

Additional funding during the quarter,
- Daelim - USD 10 million. (AUD 14.5 mil). Appendix 5B
- Shares as payment for Brokers' Fees. (see General Meeting). Not a lot but a bit sus. to me, but they have there reasons.

All up, about AUD 19 million for the September Quarter.

If you take 8.3 of Appendix 5B, $10,971,000.00 expenditure for the September Quarter as a guide, there will be oodles of cash left over,

But unfortunately, $8 million will not satisfy the requirements of 8.7 of Appendix 5B.

Therefore, IMO, right now, NRZ will be organizing a CR of some description, to be released no later than during the last week in September. Say in about four weeks time).

If the share price does not get a wriggle on, and the 5 Day VWAP hovers around 14 cents, it will be another blood bath for the current shareholders, but the company will fare ok. IMO.

That's how I see it, Tas. What say ye?