Ann: Appendix 4E / Audited Annual Accounts , page-3

Skdoo

I don't agree with your interpretation. You quote loans and borrowings as being $26.089m when they are in fact zero. What you are quoting is the total liabilities which in Nomad's case is predominantly their ongoing trade with suppliers. The company has net cash of $11.32m which I find amazing and it is more than half the market cap.

You also suggest that the contingencies on page 77 are a disaster. It is simply their long term leasing responsibilities over five years or more and is nothing outstanding in my view.

I have been the main buyer today and I am a bit surprised that the stock is down in price on this report.

Housing has got to be better in 2014 than it has been this last year.

GPASAS