"The most notably consistent feature of Eftel management seems...

"The most notably consistent feature of Eftel management seems to be their reluctance, nay steadfast refusal, to disclose details to shareholders."

That's odd. My feeling is that we are a remarkably open company. But I have noted that in the Thooruna letter there were numerous allegations which were not only flat wrong but also for which it would be impossible to divine what the basis for them actually was. In other words, Thooruna thought that things were not being revealed but... they didn't exist. Difficult to disclose things which don't exist.

Performance criteria? I don't know what Simon's particular KPIs are, but I expect they are the usual ones, such as EBITDA, sales growth, net asset growth, etc. You know, all those numbers which almost every year have improved dramatically.

The economics of off-shoring to Malaysia are exceptionally good. The change in the exchange rate with the Ringit is bad, but it doesn't change the fact that the off-shoring is wonderful business. Nor is this a secret to you, Greg, and your party, since you were on the board when the decision was made to do this, and you approved of it. You do, after all, know Malaysia very well.

The boom in WA was resources-based. The telco sector has been in a bear market for years.

Twiggy Forrest is indeed the favourite entrepreneur of EFTel management's greatest critics. I hope for their sake that they didn't buy any of his shares at more than about 50c each.

We understand that our conservatism and caution, insisting on fundamentals and not on "pimp n pump", does not fit with the vision of some. But we also note that in a bear market generally it will be companies which fit a certain profile which will make attractive investments:

a) Large, diverse, customer bases (EFT has 100,000+)
b) Utility-type services which are regarded as necessities by customers
c) Cash-generating
d) Dividend-paying
e) Low debt

The "blue sky" might be lacking but I think we all know that blue sky is on the nose now, and with good reason.

I think the future for EFTel is very rosy.