James Marsh - MD Interviews, page-390

I’m not sure people have lost conviction as such, we all know where we are heading and talk about the future prospects and patiently wait for news of progress. We all hope that the news delivered will validate our views on the basis of a appreciation in the SP on said new and progress. If we take a step back and look at the year its been pretty tough for all holders to see their investment decline 70% regardless if it was “overvalued” or not.

I have the utmost conviction in ADN, some have questioned my holding position when I have been a bit grumpy on the SP and if I’m to exposed. The reality is appreciation in the SP is how we ALL realistically confirm our views and conviction in holding stock.

I think it is fair to say all holders i see on HC still have great enthusiasm and conviction in ADN even though it has been tough. No one has seen a return on their investment this year with ADN so its not hard to understand the frustration a lot of us feel sometimes.

Hopefully this last quarter will deliver what we all are confident on, solid news of progression and an appreciation in the SP.