draft valuation, page-12

re: update Denial

The big question is why the founder and a major shareholder despite twice assuring the recent AGM that he would fully take up the rights issue does not appear to have put one cent in. All other directors have lodged notices before Xmas but not this guy.

After the amount of cash paid out for this guy by way of directors and consulting fees last year (circa $250k) he should be able to afford it.

If he is not prepared to back his own company with cash why should anyone else have any confidence and indeed believe a word they say

I repeat a long-term non performer if the current regime remains in place