critical level again, page-4

Sorry Astoria, but I'm not sure that you have the full picture.

For your EBITDA scenario, you are assuming that revenues stay flat or continue to grow.

Over the last six to ten weeks as the full Commander picture has unfolded, Commander has lost many, many good staff and they continue to bleed good staff on a weekly basis.

They are unable to recuit many good replacement staff or management, because as one top level recruitment firm stated last week, who wants a ticket on the Titanic.

The only staff that Commander can recruit are those who cannot get a job anywhere else. To have any chance of holding good staff, Commander have to offer above market rates and that effects their bottom line any way.

It gets worse because their suppliers are worried about their credit exposure to Commander and those suppliers are already actively encouraging deals away from Commander.

All suppliers take out credit insurance on their big customers. Who is going to offer credit insurance for Commander given their current financial state.

I'm sorry mate, but unless a white knight turns up on their door step (and it might happen), Commander are a shot duck, it is that simple mate.

If the Commander Board really thought that Commander were an on-going viable entity, do you really think the Board would have sat back and made no changes to the Senior Management Team, whilst the share price has fallen 80%.

Come on mate, wake up and smell the roses.

Regards

Tails