Question Time, page-55

Hi Rolling,

I agree. Going to the AGM and asking questions is a good idea, and often the explanations are very helpful. Where no reasons are given, people tend to make up their own even explanations even if they are wrong. I'm reasonable because I work in a heavily regulated industry where I see new products touted frequently and I understand how hard it can be to get new ideas or technology accepted, particularly when it does seem they are expensive and don't bring an obvious benefit.

But when something comes along that does offer an improvement, after a while every one including the diehards use it. So I can readily understand Beton's experience with Tilt-Up, and with Admedus' Cardiocel and a few other players. You could argue that as an investor you want to get in just before the "acceptance" phase instead of getting in during the slow start and waiting a long time to see a return. But my experience is that it doesn't come in a sudden rush, it just a gradual process.

Looking back I am sure management can identify things they might have done differently. But hindsight is 20/20 and they did the best they could with the information and advice they had. I happen to think they did a lot of things right. Probably getting NTPEP testing started earlier, and having seen the results of the Valley Prestress testing maybe they should have started a second campaign using a similar recipe that they could provide to precast companies. But they haven't missed the boat. It will just take longer.

Some of the best advertising yet will be in completion of the upcoming projects. But where use and acceptance is contingent upon completing tests and regulatory approvals, no amount of whinging about the lack of sales will change it. And I think some HC criticism about why testing was not done concurrently completely misses the point, since some tests cannot even be started until approval has been gained from a previous test.

Frankly I would go to the AGM if I could. I've always found it a useful experience.