below cash backing, page-19

The current state of play as I see it...

The 3 listed investments are all well positioned.

EZA - In trading holt due to large scale acquisition. Will be interesting to see the advantages increased scale bring with any acquisition that eventuates. SP has held up well in a extremely volatile market. The SP has actually appreciated nicely in the few months since listing. A positive story emerging here.

ELM - Although way off the heights of $3 earlier in the year but SP appears to be on the way back up. Appears to be shaking off the negative market response to cap raising, change in directorship and general market sentiment (fear). The story thus far reads very well in terms of fundamentals and looks promising long-term. A lot has been achieved over the past 12 months!

KRM - what a solid looking 3 year chart! Once the SP recovers to $1.50 it looks primed to keep moving up. It's nice to have some exposure to Gold in the current market.

At 0.17, the OKJ SP has certainly come right off from the heights we reach early April of 0.46. In simple terms, the total value of the investments above has not fallen by the same percentage as OKJ SP over this time period. The low market cap provide great buying opportunity here - any small parcels under 0.20 are worth snapping-up IMO.

What we don't know is the potential plans the board may have in terms of core business and the additional value this creates over and above the above... interesting times ahead!