meeting report and questions to tim lagdon, page-2

Quick comment on Question 1:

Question 1:
There seems to be a lot of disappointment with the Placement...particularly regarding the exclusion of current shareholders... to benefit "sophisticated investors". Why were shareholders excluded?

Response:
If we had gone to shareholders with a placement price of one cent... many of them would probably have sold their existing shares at the time ... approx. 1.4 cents... in order to fund their placement parcel.
This would have had the effect of driving the share price down .
The sophisticated investors are people who intend to stay for the long term.
Excalibur will not grow through retail investors... it will be money from institutional investors.


That is exactly what happened anyway! Get a grip Tim!