GSL, page-18

``I once held shares for a number of years in a company called Cellestis CST. In the end, the company which underwent a lot of R& D funded by shareholders over a number of years sold out to private equity for a price well within that at which it had traded over the years during which it had developed its product, and long term shareholders were effectively dudded on their investment. Board members and executives had received their gratuitous bonus shares and overall did reasonably well. As I recall, some management were even retained as part of the deal and well looked after. There is an article in 'The Age" today indicating that private equity have a stock of "powder" ready to buy up companies at this point in time. Shareholders in GSL are effectively stuck with this "in limbo" situation with trading having been suspended for some time now and recent deadlines for a conclusion to funding negotiations running overtime. As we are being left in the dark, a situation which I feel demonstrates wanton disregard for shareholders, I would like to see the possibility of a sell out to private equity ruled out at this stage. I doubt that management have the integrity to do so. I would be happy to be proven wrong.