to buy or not to buy, page-129

Hi Trading Wizard.

While you seem to have accepted Intec's fate your comment "Pouring more funds into a company who can't even announce directors intentions towards the SPP is a great reason to be sceptical at least."

Well I contacted Philip Wood who sent me the following and gave me permission to post it for all to see.

"LET ME MAKE THIS QUITE CLEAR: I CANNOT AFFORD TO TAKE UP THE $15,000 MAXIMUM SPP ENTITLEMENT IN THE NAMES OF ME, MY WIFE, MY DAUGHTER, MY SON AND MY SUPERANNUATION FUND, BECAUSE I DON'T HAVE $75,000 SITTING AROUND LOOKING FOR A HOME. IF THE SHAREHOLDERS WANT RICH DIRECTORS THEN THEY HAVE GOT THE WRONG COMPANY BECAUSE I AM NOT RICH AND NOR ARE MY FELLOW DIRECTORS. HOWEVER EVERY DOLLAR I, MY FAMILY AND MY SUPERANNUATION FUND HAVE INVESTED IN SHARES IS INVESTED IN INTEC AND I WILL INVEST EVERY AVAILABLE DOLLAR IN THE SPP. WHAT MORE WOULD THE SHAREHOLDERS HAVE ME DO?"

Well I believe the last SPP was cheap and that Intec's plan was sound. Unfortunately the bottom dropped out of the metals market and what looked like a great strategy went to ruin. The costly upgrade of the electricity, the dredge, the storage acquisition of EAF dust and storage at Hellyer was meant to be great strides forward. Unfortunately all the improvements cost a great deal of money and the Hellyer mill had to be sold as it was costing $70-80,000 per month even on Care and Maintenance. A cost that Intec could not afford.

Well Philip Wood has announced his intentions as far as he can and has announced that all Directors will be participating so I can go no further than that. Remember it is not $15,000 that he has to find but $75,000 to cover all of his share holdings.

As indicated, Intec is now in survival mode until there is an easing of bank finance or until one or more of the developments mentioned in Dave's post comes to fruition.

Well unlike you I have not resigned myself at this stage to write off my investment. Intec has a great future if it can survive till things pick up.

Cheers.