Ann: Appendix 3B, page-25

Our largest shareholder holds shares in hundreds of companies. But we are not shorted and they have not been selling.

Management could have placed a lot more shares at 1.5c because the brokers know its cheap, but they were restricted to 20 mil. If they offered them at 2.0c they would have sold none. If they waited till the share price had risen? That's an uncertainty they were obviously not willing to take. But you can wait till the share price rises before you sell if you want. If you are still holding all your shares that is.

The share price was not improving. We had been in a downward trend since Christmas. It hit the "technical breakout line" 3 times on its way down without crossing it. The days prior to the trading halt we saw the share price move +13.33%, -11.76%, -10.53%, 0.00%, -5.00%. Doesn't say breakout time to me.

And lastly you say "They should have left it alone till the share price improved on it's own accord.....there was still a healthy bank balance and good project portfolio for it to fend for itself till the technicals improved" - This has not changed, you said it yourself, we now just need to wait for that share price improvement.