poh hc interstate investors presentation, page-40

Apologies for my tardiness in contributing, I had an accident in the airport carpark on return and have been in hospital for a couple of days, almost immobile and with a very impressive black eye. I also missed the flight down by three minutes so managed to miss the full tour of the lab and facilities, but the staff was kind enough to wait for my arrival to share lunch and join the conversation, so I will now add my overall impressions.

Not for one minute did I imagine that greeting the four of us would be the CEO, Chairman and largest shareholder, V-P of research and chief lab scientist. This was staggering enough on its own, but their willingness to answer fully and honestly (given their insider trading limitations) was equally impressive.

Given my lateness I won't attempt to explain my understanding of anything technical, especially since the depth of knowlege displayed by the others at the meeting leaves mine for dead. I tend to look at things from a more general rather than specific point of view, but I have to say that whatever view you approached the meeting from, if you didn't come out super-impressed and confident at the company's professionalism and financial prospects you are looking for something I can't imagine.

I'm not going to make any specific share price forecasts; that way has always struck me as wishful thinking. What I have done is play down my own forecasts from conservative to even more conservative when it comes to time spans. SCE's stated value as they analysed it of 0.41 to 0.81cents pershare, giving a mid-point valuation of 0.61 cents, may I believe all shareholders who are buying in the current or may not be reached by the end of this calendar year, but what I am happy with is the prospects for next year, when those who buy and hold around present price levels will be delighted.

I will just say that the words which stayed with me after the meeting came from the Chairman; specifically that the risk factor in POH has now been removed. He made it clear that the job of the board was to look after the best interests of shareholders. If that coincides with his own situation, so much the better, but with the millions of shares he holds that is a given.

I think it's safe to say that the other holders who attended this meeting were all equally enthused, and no way will they be selling their holdings until multiples of the current price are achieved. I'm convinced there are going to be some seriously wealthy people around in the not too distant future thanks to POH.

Cheers to all

Ferret