Toph, this is Ed McCormack. In AYM, the EGM was called by a chap...

Toph, this is Ed McCormack.

In AYM, the EGM was called by a chap by the name of XJ Wang. Mr Wang has no association with ASI. ASI itself has no interest in AYM. Cheung owns shares. So do I, and so does Linda Lau. I am presently on the Board.

we invested in the company in 2010, 4mn dollars we injected in the company and we sat idle waiting for some time. we are long at 16c.

upon listing, the stock fell from 20c IPO price to 5c in quick time. the existing management had promised Mr Wang two Board seats and they, in essence, reneged. This was, as far as i know, Mr Wangs reason for calling the EGM. He was not happy he had been lied to. he had invested about 10mn dollars. Frankly, i am guessing that would rub most people up the wrong way.

Mr Wang controls the Board of AYM and i was asked to sit as an interim CEO whilst we looked for a suitably qualified individual to take the reigns My salary was less than 1/3 of what the previous CEO wqs paying himself.

My associates and i simply want the company to be run properly but appropriately qualified and experienced individuals.

the rights issue was a 1 for 1. at the time the company had run out of cash. in the 6 or 7 months from listing to resolution of board conflct, the company was spending just over a million dollars a month. I am happy to send you a break down of where the money was spent over this period if you like. the rights issue was investigated by the takeovers panel, and from memory, at the time of the rights issue we had about 400k cash, with short term liabs of over 300k. there was simply no choice. to suggest otherwise is just plain wrong.

in fact, as a side issue, in order to keep the company afloat waiting for the rights issue, i lent the company about 100,000 of my own money which was unsecured and i earned no interest.

now, again. the board is controlled by a man named XJ Wang who has no association with cheung lau or I whatsoever. our only association was that we were the unfortunate holders of AYM at completely the wrong price, with managemenrt who were deeply intent on spending the company's money for what would seem to be their own ends.

I dont want to get into a big thing here, but they are the facts. You have not done your homework at all and are simply making assumptions and throwing mud in the hope that some sticks.

If you want to ask me any questions about AYM or CAP or anything else, you should have my number. I am happy to talk to you or anyone else on the record about anything ASI or any associate has done or plans to do.

I have said all i really need or want to say about CAP in my letter to shareholders, but if you have concerns as some might after the Boards fear campaign you can send me an email or give me a call. I wont respond to anything in Hot Copper but my phone is on, and you may call it and raise any issue you wish.