placement, page-6

I've suggested rights issues before for all shareholders but they seem long gone.

However I'd also be wary about all the conspiracy theories. All of the capital raisings for a long long time have looked like donations for life support and the share price has continued in freefall. I can't see how anyone has made money.

Looking at the top 20 shareholders in the recent Annual report it looks like the only ones who have sold down in the last 12 months are the previous chairman and the Europeans. I can't see how they made any money and don't expect to see them buying back in at any price. They have probably taken their losses and gone away to lick their wounds.

The rest of the Top 20 looks solid...either true believers or trapped.

At the current prices the shares are worth nothing so why sell? The rest of us are locked out and being diluted all of the time but I'd be surprised if a rights issue at 5 cents would get much support so why bother?

Hope springs eternal as they say!