not looking good, page-12

re: trading halt for a placement The weakness over the last coupla days, in my opinion, came from the confusion about the "Supplementary" options. When I read the Explanatory Memo and Notice of Meeting, it looked to me as if the Exec Directors etc. were "incentivising" themselves by granting options in the money. Looked as if, rather than pay themselves out of the companies money, they prefer to make the other shareholders pay through dilution below cost. Following the clarification, seems they are happy for us to all make money together! If they keep repeating the results with the money raised through the placement, I am happy with that. Good story. Work out the P/E on what they have and it is not challenging - even on a fully diluted basis.