I doubt very much that what shareholders have experienced at...

I doubt very much that what shareholders have experienced at this company would be restricted to shareholders alone. Employeees, clients, neighbours and shareholders of previous companies where these people have held seats such as RP Data are, in my view, likely to have experiences with these people that I would be interested in hearing about.

So if you know Ray Catelan, Colin Ryan, Danny Herceg, Richard Catelan or Max Hofmeister I am interested in talking to you. I am particularly interested in hearing about the health of Ray Catelan and Colin Ryan. Both the Chairman, Ryan, and the CEO, Catelan, missed the 2008 AGM due to ill health and nothing has been said since about their capability of doing their jobs. If you prefer it to be private, I can be contacted at [email protected].

It has surprised me that having written up this company as I have, few have shown an interest in investing in it. I don't think there is any doubt that in terms of normal fundamentals this is a very good value investment. I do believe what puts potential investors off is the way this Board has conducted itself and treated its shareholders, particularly the Class A ones. We were offered 63 cents less than a year ago for our shares and turned it down. The shares are selling at 33.6 cents now, yet from a profit perspective things look better now than they did then. It certainly says something about shareholders' willingness to be patient or to fight for their rights. The majority of shareholders just flog their shares at a huge loss and go elsewhere.

Ray Catelan has been on this Board for only three years now. In that time the ordinary shares have fallen from $1.50 to 62 cents and the Class A shares have fallen from $1.30 to 33.6 cents. Yet the underlying profits are not a lot different to what they were when he arrived and the company's balance sheet is way stronger, thanks in no small part to the non-payment of dividends during his tenure. Catelan has continued to increase his holding of ordinary shares while the Board continues to paint an unattractive picture of the Company and its prospects to the rest of us. To run away is to let him win and to lose hugely yourself if you are an existing shareholder.

For better or for worse, I don't belong to that majority who leave when they see an obstacle, particularly when that obstacle is created by the Board itself. I have continued to accumulate these shares for several years now and intend to go on doing so and particularly so if they continue to fall. There is a pot of gold at the end of this rainbow and I intend to get my share.

GPASAS