Ann: Results of Reconvened Meeting, page-6

Lol, shareholders can't even be bothered to vote on a set of such important resolutions with over 300m shares not turning up. I really did think that Lippo would go for the deal. From my research they have invested $12,847,069.29 in HAR at an average of ~$0.084, so with the share price languishing at $0.003 they have ~3.55% of their original capital.

For a further $304,322.06 investment in the Rights Issue they could have had $13,151,391.35 at an average of $0.81. Post consolidation and rights a straight conversion at $0.003 would leave the company value at $0.02658 (that's EV only). If you add in the Rights Issue cash that becomes $0.04156 or a market cap of $2,272,629.71. They would have ~5.13% of their original investment at that point.

I really think that if the market remains buoyant they could have easily seen a 3 or 4 times improvement on their position as the market reassessed HAR and started to account for future cash. That's before factoring in the potential quality of any future acquisition and the value that it may have added. They also would have had the liquidity to exit on their own terms. Right now they have the liquidity to exit at $0.002 and then $0.001.

I'm also not really sure how the statement (The Board had been advised that the major shareholder would support any future restructure and recapitalization of the Company as required;) squares with their actions today. A disappointing outcome from my perspective. We'll see what happens from here.