Ann: Appendix 4C - quarterly, page-29

IMO it's inexcusable for management of a listed company not to draw down on a debt facility in place at the expense of delivering revenue / growth for a company. The initial draw down terms of the 'not so favourable' facility that was in place pre Blackrock must of been woeful for the company to not want to touch it and forgo the working capital required to deliver on revenue bearing contractual obligations.

Knowing they were looking for a more attractive facility from Blackrock, easy enough to re-finance an amount drawn down once in place. Management of a private company may be able to get away with this, however being a listed company where earnings momentum / growth of revenue is paramount, it's very poor form from management.

Is the decline in margin a sign of things to come? More GWH's required to maintain the barely break even cash flow for the business?

Management have done an extremely poor job at marketing the business to the broader market / broker community beyond the faithful at Bells that had supported the stock sometime back, whilst unwilling to engage and travel from their Sunshine Coast offices.

Looks like the share price consolidation that was enacted in order to attract a higher caliber of investor is going to come back to bite in the ass when the lack of liquidity on market will see larger price swings to the south come Tuesday morning.