little email from sir

Dear Nigel,

Before I say anything, I have to make it clear that as a director of a public company I am bound by all sorts of legislation which is rightly designed to ensure that all material information is publicly disclosed to all and that no one individual is given advantage over another in terms of this information, so this governs what I am able to say to you. Our top twenty shareholder list has been in a state of flux and we are awaiting the latest update from our share registry. Even then it is not necessarily clear who has sold or bought because many investors use nominees. What I can say is that a couple of shareholders who participated in the recent placement chose to sell out, but there are others who are just as happy to buy in. This does not indicate that there is a problem that some people know about and others don’t - as with any relationship, sometimes those involved have differing expectations and choose to go their own way. Despite the many conspiracy theories that get banded about, no-one has the inside line.

Sirius is in a formative stage. Right now we are laying the groundwork for the future, and we are quietly doing the work. As a consequence, the news flow isn’t massive at the moment, but I expect it to increase significantly over the next few months as the results start flowing. I am keenly aware that our investors expect information and that I have a responsibility to provide it but I don’t want to release empty announcements for the sake of it. Over the past few weeks we have been criticised for making announcements that don’t contain any significant new news, but this is because we are obliged by the ASX listing rules and Corporations Act to announce everything regardless. Please don’t mistake this, or the current lack of news, for arrogance or lack of action. Our company philosophy is to get on with the work in a no-nonsense way and hopefully let the results start to speak for themselves, but this takes a little time to gather momentum.