Ann: Shareholder Update, page-2

Well, that is all pretty ugly. Good news is that costs are contained but not much any company can do with such a small remaining cash balance.

The fact that the directors don't take a fee at the moment is commendable. However, to state that "this issue will be addressed at the next capital raising" is not very smart. Nobody and I mean NOBODY is going to put new capital in the company 6 months from now in the knowledge that it will be used to pay "back pay" director fees. Anyone prepared to put in new money will do that to implement the company strategy not to have it go out the back door to pay directors - that's crazy talk! That will not be acceptable to anyone (and particularly in this market). Performance options or shares (as compensation in lieu of cash) would be the way to go. Pretty silly to put this in the announcement imo - shows lack of market experience or lack of a sense of reality by board.

Anyway, I guess we have known for a while now that we are in some strife here operationally so this is now officially another one for the bottom drawer for the next 6 months and hope for the best (although I for one will never see the price return to my initial entry price for this one).

Ho ho ho!