msc, page-2

Whilst I appreciate the current market conditions, this float has been promised for nearly 2 years now and this is just another delay in an already long line of delays and excuses over the past 2 years.

As usual I was very underwhelmed with MSC's announcement today.

If you go back to November 29 they talk about a 'binding 10 year renewable agreement for the exclusive global production and marketing of environmentally friendly mortar and render products incorporating a kaolin formulation using Skardon River clays'

They then go on 'commercial production is scheduled to commence next quarter. Although actual future volumes are still to be quantified, the Parties expect rapid escalation of tonnage requirements based on initial end customer feedback achieved over the last six months. An order of magnitude of 25,000 tonnes is anticipated for calendar 2008 and by end of year 2 it is expected that these products will dominate the capacity of our plant'

That 'next quarter' is the current quarter that just ended.

Where was any mention of this in today's announcement? They stated that commercial production was supposed to commence in this quarter and as usual they have obviously not met this target and made no mention of it.

More of the same from MSC.

Sure MSC has enormous potential, but as usual they haven't delivered.

Will 2008 be different??????