placement better to raise $4 million, page-23

Ladies and Gents,

PP was correct in his 'guesstimate' which is all that anyone did before we received the ann. Obviously it's wrong of him to rub our noses in it as there are a large number of people who have temporarily, and I stress temporarily, made a loss on their investment. That being said, if you put the shoe on the other foot and the offer was what we had all hoped for, I'm sure a lot of you would be mirroring his comments back to him.

All in all, people can take this ann as positive or negative on the short or long term. Either sell for a loss and move on or hold for the great future I feel this company holds. Banter back and forth will not change the results. PP banter copped a fair bit of abuse before the ann and now he's getting his own back. He's done that, I'll wear it but also happy to be involved with LCY and am excited for its future prospects.

My best to all holders.

JMP