Ann: Half Yearly Report and Accounts, page-4

I, unfortunately, have to agree with all your concerns. We are at the mercy of the creditors for starters.

What emerges here is a substantial change in direction of the companies business.

Looking at the numbers supplied I guess that the vast majority of the sales revenue was due to buying and selling of magnesium, semi-coke, tar oil and what have you. It is all well and good to be profitable during 2 quarters, but the question is how sustainable this is in the long term. A risky strategy it is and not helped by the fact that creditors could close in on any weakness in the trading desk.

What puzzles me is the fact that they are making a small profit on production but don't seem to accelerate production of the 'main' business. There is no word about planned production volumes, time frames or any tiny information to get investors on board. Poor PR (as usual).

No explanation of the buyback strategy.

If anything, this half year update makes for more questions rather then less.