Please .....a deep breath everybody, page-16

It appears to confirm what poor communicators our board members are.

This is what I believe the situation to be.

There is a block buster of an announcement waiting to happen scheduled early in November, before when the AGM would normally be. If the announcement went ahead before the AGM, there would be no instant bonus for directors, just an appreciation of the SP of their holdings. So... they have brought forward the AGM, cobbled a half arsed performance share deal. They want it their way, above 10 cents for ONLY five days so they can immediately sell some of their new shares at 10 cents for Christmas money. Big hints may be given at the AGM, that the curtains are about to be drawn back on something amazing. What should be a wonderful surprise has unfortunately turned into a brawl. The board's plans post the announcement was to get a couple of weeks in wooing the instos on board with the new client now part of the scheme of things. Today's letter is a standard one in allowing 2 years. The 10 cents is a give away that they want the performance shares NOW, before Christmas, for a job well done to get whoever on board, whether Coty, partner for Body Guard etc.

My other holdings are in XPE where performance shares are in tranches for milestones of MC exceeding $X million for 20 days in a row, $X + 20 million for 20 days in a row for milestone two and so on for milestones 3 and 4. Nice clean communication regarding the issue. Now if these performance shares had some at 15 cents, some at 20 cents and some at 25 cents and some at 30 cents, I am sure the motion would be passed and none of this angst and loss of confidence would have come about.