To take things in order:- Major holder pulled out!!OK, but not...

To take things in order:

- Major holder pulled out!!
OK, but not unusual in either bull or bear market.

- A rather lame annual report!!
Data, or just complaint? With limited expenditure and being careful about reporting, hard to do anything else, especially when ASX requires 40-50 pages of bumf before you get to the numbers.

- Lack of substantial reporting to the market!!
Not sure, most complaints are about ramping not conservatism.

- Share price is now skittish at best!!
Too bad, this is a micro cap trading on promise, not earnings, what do you expect?

- Major advocates on HC are getting impatient if not grumpy!!
a: Who cares, really.
B: On the contrary, my observation would have been several significant and well supported debates about the relative priority of LYA sourced coal and the likelihood of exports, LYA vs Vietnam based production facility, capability of the infrastructure (rail and port) in Vic to handle any potential exports.

- Plenty of remuneration still going into Kos' pockets!!
Wrong. CEO cash rem is around 10% of gross revenue - most of which is sourced from R&D grants (in 2009) and other Gov't grants in 2008. Given that there are almost no other employees, I wouldn't have thought this was "plenty". It is in fact only about 20% more than the directors fees, and that only delivers 4 people 1 day per month.

What is going on with this stock (taking data from HC over the last 12 months) is a period being followed by the day-trade fraternity which has recently finished. The SP is now trying to find a value, given (I would argue) a lack of patience with delays in getting a plant built, when other competing technologies may be getting some momentum.

f111
note - i have no position in ESI.