Ann: Prospectus , page-17

PT

You are right to be frustrated by this stock, unfortunately those of us who were in early, people who believe it geothermal have probably done our dough. It is now a plaything of financiers.

I believe the "sophisticated investors" are playing the pump and dump game. I believe they would not have invested unless they are convinced that good news is "imminent" I also believe they will get out once they have doubled or tripled their money which (after consolidation) will be between 3c and 4.5c a price which would not allow us early investors to come close to getting our money back.

Also around that time "Raya" will hold another CR further diluting our stakes.


Without PPA's we will open after consolidation around 1.2c and steadily drop but as I said above the new boys would not have come in if they thought that would happen.

I need "Raya" to get to 10c before the next CR to get my money back and I can't see that happening.

I just hope KP hangs around long enough to finalise PPA's as it looks like he too has been ambushed.

I will be buying in the CR but not enough to maintain the percentage I had. I once dreamed of getting dividends fron Panax when we are in production but that's all it was a dream. Thats the problem with beleivers in Green Energy we're dreamers.