watch this space, page-11

Hi Andy,

Would have to be a pretty good announcement to send it to that kind of level given the current market circumstances. The market cap before any additional shares that could be issued upon an acquisition would only be $7.7m if the price was 3.5c.

Even so, imo this should be worth at least 2c per share before any acquisition due to the small number of shares on issue, management and cash position alone.

Whether this occurs before an announcement is questionable given the current market uncertainty.

In relation to them wanting to be careful before making an acquisition I understand that this is possible but at the same time the company would want to get back to a decent level asap and would probably be quite keen on getting things moving as quickly as possible for the benefit of shareholders.