olivero v ailakis, page-3

Hi Kajornsak

I'm interested to know how you know about two trust's being beneficial to the current MD. I am wondering if is much more extensive than that.

You raise so many very valid points as to the credibility and governance of this Company. One could speculate that ASIC and ASX would have grounds to check things out.

I was under the impression that the Company had indemnified the MD against claims pursuant to the legal action. I wonder if that includes Mr R. Ailakis, whom I am told is the brother to the MD.

In the next quarterly it will be very interesting to see the Company's current cash position and if they have rolled over on what looks like a fairly straight forward ruling.

Needless to say, it must be a very bitter pill for the Argonaut punters who have got into this in utter good faith at face value, only to find out that the monies they have invested will be used to pay for legal fees rather than drilling and that it all comes back to conduct that most would regard as unbecoming for an Executive on a listed Company. Given the Courts ruling, this would seem clear.

I think this says it all.