Ann: Appendix 3B, page-6

AngryBear - take your point about the share price not gathering steam. This is the curse of the markets today in that those that trade are just buying and selling basing their entry and exit points purely on volatility rather than being remotely worried about company fundamentals.

Almost certainly our management didn't offload shares onto traders during the recent capital raising - my best bet being that COI is starting to flicker on the investment radar and those looking to make a quick buck are picking up the loose shares and jumping in and out of them for a quick profit.

No company is immune to this - with technology fuelling such activity with thousands of folk sitting at home with their laptops spinning over shares hoping for great riches with averages demonstrating that more often than not the opposite is true - but as one falls out of the game another two join the ever hopeful bandwagon chasing the promised pot of gold at the end of the rainbow.

That's the markets today - so different from when I had a team of fund managers back in the 80's who concentrated on buying into undervalued companies and only exiting when the true value was reflected in the market cap.

Showing my age now!