Ann: Appendix 4C - quarterly, page-3

Hi Morley
I have a look at most stocks that you comment on because I respect your ability in the small cap space.
In this case, I have left ABV alone. My main concern is the MD. Not based on inside or personal knowledge, just putting one and one together and conclude (rightly or wrongly) that I think he's wrong for a company I'd invest in.
1. SSM is now coming right by getting back to basics under new management post this guy . (Still room to go on SSM in my opinion).
2. He has an employment pattern of not staying long before it is time to move on.
3. For the size of company, his package is way over the top. ie high self worth showing through.

Further, I am blown away that the garbage truck market was all the go for the company's products, and then its all stop not long after with $1M plus writedown. For such a new market segment and in such a short time, how can the company get it so wrong (a) in identifying a segment and (b) executing on the logistics of a new segment which is always going to start off with low volumes???

Re your noting regular daily 1million share trades...I don't see as significant when you put the dollar value on them.

Good luck!