Hello BT1, and thanks for your input. Whilst I agree that SRT is...

Hello BT1, and thanks for your input. Whilst I agree that SRT is being battered by general market conditions at the moment, I don't think that is all that is responsible for the decline in our fortunes-the BoD must take its share of the blame.

I also started investing in MTR in early 2016-750,000 shares costing £8,330 or about 1.1p/shr, the equivalent of 11p/shr post consolidation. I think it was late in 2016 that Borelli attempted the take-over when the SP was 2p+or 20p+ post consolidation. There have been ups & downs since of course but where is the SP now-just under 7p according to my HL account-peanut level ,so 65%+ down and I need a 200% rise just to break even (my average is 20pish). I believe MM took over as CEO at the end of 2016/start of 2017 so it's been on his watch that the rot has set in.

All sorts of things have happened in the last 7 years. Numerous investments have been bought and sold ( a P&L acc for all those deals would make interesting, if not very enjoyable, reading I reckon) .Capital has been raised via share issues or sophisticated (others might say over complicated) loans and there's been a share buy-back, a consolidation and of course the disastrous move to the ASX all under MM's leadership. And the net result is the SP is 65% down for me and I suspect plenty of others.

I accept it's not all doom and gloom-we've still got a few SFR shares (I think), plus a big stake in CBE and there are the royalties when they eventually arrive, but it seems the savvy Australians are not impressed, and with MTR's/SRT's record over the last 7 years who can blame them. The only conclusion I can reach is that our BoD has failed us miserably whilst rewarding themselves handsomely with generous salaries, bonuses ( just how they've earned those baffles me) and cheap options which their ineptitude has left them having to shift the target price to be able to benefit from them. I did however say to Charles that I hoped he got to cash in on his 20p options because that would likely mean I was in profit.

In the light of the above, can I ask you just what it is about the way MM et al have run our company in the last 7 years, that inspires you with the confidence to continue to allow them to run it. I'm afraid at the moment I have no such confidence. The MOD/SFR/royalty deals are/will be valuable, perhaps extremely so but they were negotiated years ago and the Board's recent performance has been dire.

I could bang on further but I'm probably getting boring now. I am also led to believe there is something cooking by way of a deal which will be value enhancing and if that is the case I'll celebrate with everybody else but it will take something spectacular, (and more than just 1) to restore my confidence and trust in the Board. At the moment as far as I am concerned past performance is certainly a guide to the future!