Ann: Appendix 4D and Half Yearly Report and Accounts, page-33

@Bocas Boy. Time to sell?

Alain Bouruet-Aubertot has been in the role for less than 9 months. Clearly there were issues with the Placha's at CFO, and with manufacturing under Mike Placha's watch, but these have been comprehensively addressed (incl. $400k inventory write-down, in the latest financials).

Alain is incredibly well-credentialed for the job. He's on a modest salary (with compelling performance incentives) and has put a broom through the place in a big way since he joined in early July; cleaning up manufacturing processes and quality assurance, tightening up management, laying out a clear roadmap for the company's growth and sales, tapping non-dilutionary US goverment loans / funding, completing a successful cap raise of $4.5M at 36c to instos and sophisticated investors, and embarking on an ambitious program of plant expansion. None of the fundamentals have changed.

If CFO appealed to instos and sophs. at 36c, I think it is a screaming buy at half that price. It appears the directors agree (Toby's been averaging down for ages, having bought in at 58-60c). He's lucky to be able to have the funds to do this, but I doubt he'd be spending more money on CFO if he thought the co. had no future. With a current MC of $20M, a strong patent estate, a suit of tier 1 customers and more htna $60M invested in the product, there's a lot of blue sky. GLTAH R-7