Yep, although the director loans were seen as aligning their...

Yep, although the director loans were seen as aligning their interests with ours, the reality has been that it sent a bad signal to the market and to long termers who have never had a seat at the table come placement time.

It basically announced that management were happy to use company funds to put themselves in a position where it would be very hard for them to lose NO MATTER HOW LOW the takeover price is.

It killed momentum after the 100 days and killed the goodwill there had been for management's efforts to date. Any suggestion to the contrary is wishful thinking.

Add to that the complete lack of competitive tension to date and the PR fails around a variety of positive announcements and I think it is fair to ask some questions.

Cynata has a great product and it may yet all unfold, but we should be a lot further down the track and as the company's own presentation slides have shown for the past four years -- WE ARE UNDERVALUED TO PEERS. There can now only be one clear reason for that.