Ann: Extension of Share Purchase Plan, page-32

In my view there is a strong likelihood that that we will look back at this time as an incredible buying opportunity. The recent share price drop is of course disappointing but keep in mind it did occur against a backdrop of declining share prices across the sector (which no doubt magnified the drop).

Has GCY exhibited poor (in hindsight) cash management skills? Yes

Has GCY had issues with ramp-up? Yes

Will the above be issues in 1 years time? More than likely not.