Hmmmm.This seems a little like "let's get some of the ugly and...

Hmmmm.

This seems a little like "let's get some of the ugly and hard to answer questions out of the way now so we don't get asked those during the AGM".

The questions that now come to my mind are:

Re Options to Mr Stewart:

If the options were issued to him the day before he was appointed a director under ASX Listing Rule 10.12 Exception 6 - was this properly considered and minuted in a record somewhere as the reason that the options could be issued on that day?

Or, given the recent questions regarding this issue, did HAV then scramble to find a loophole by which they could say that the options were issued?

I can't help but think it is the latter.  If those asking these questions are those looking to appoint some new directors, perhaps it is worth asking for the minutes of meetings or similar documentation to verify when it was determined that the options would be issued under ASX Listing Rule 10.12 Exception 6.

Regardless, the mis-reporting of this in the Annual Report is sloppy.  Would that be the responsibility of the Company Secretary?  Who is that again?  Walter?

Re Options to Investec:

The answer to this question makes it sound like HAV has only issued 5 million options and currently has no obligation to issue the second tranche of 5 million options because the facility has not been used.  But if this second tranche of 5 million options is required to be issued "if and when the standby facility is actually utilised should the need arise" - what gives them the impression that it won't be used.

The quarterly report said we had $321,000 in the bank at 31 October and planned to spend $1,318,000 in this quarter, $800,000 of which is for salaries.  Assuming all the employees have been paid, that was $266,000 for the month of November.  Add some rent and some other expenses, and we must basically have no money in the bank - unless of course we have actually used the Investec Facility already?

But if HAV are actually yet to draw on the Investec Facility, then my questions are:

* Did HAV have any sources of income since 31 October and if so what (other than a small amount of interest)?

* What sources of income does HAV expect to receive in the coming months other than the North Portia sale installment?

* If there are no significant sources, does HAV expect to need to draw on the Investec loan?  (I certainly expect they will).

* And if they expect to draw on the loan, why say something like ""if and when the standby facility is actually utilised should the need arise" [emphasis added] and giving the impression that the facility might not be used.

Good luck to those asking questions at the AGM - hope you get some good answers.  Wish I could be there.