Ann: Annual Report to shareholders 2011 , page-2

Sounds somewhat positive.

The year was positive except for the write-down. They say this year can be profitable too with low outgoings and leasing out the working plant.

It's good that they're operating profitably. So the main risk is the ligitation.

Finishing the second plant is seeming unlikely with $44m progress remaining and only ~$3m operating profit, maybe less when leasing out the plant. A capital raising seems unlikely too for an amount so big. So it's either a big loan to finish the plant, or a small loan to pay the legal settlement then continuing the smaller operations hopefully profitably.

Only $6m and interesting owing in the litigation seems managable, but there is definitely no cash there to pay it.

I'm feeling ok, and I'd be happy to put more money into it if they had a strong plan. Good luck to all.