Ann: Chairman's Address to Shareholders , page-6

Thanks for the reply, there were too many question marks with management, got back out very quickly for a small loss :(

A sorry saga ...

http://www.afr.com/p/national/anger_over_executive_pay_on_the_1z6TxV1GvRdKRNHbfJ6b8K

http://www.crikey.com.au/2007/07/30/the-sorry-saga-of-australian-pharmaceutical-industries/

it goes on and on, this one sealed it for me ...

http://australianshareholders.com.au/asa_site/images/pdf_archive/ShareholderOpinion/2007/Shareholder%20Opinion_TROUBLED%20API%20CHIEF%20FACES%20SHAREHOLDER%20IRE_2007.pdf

Last year, API attempted - and failed - to explain where $17 million of shareholders' funds had disappeared. This lost money was referred to as IT systems "conversion discrepancies", and a forensic accounting investigation was launched to get to the bottom of it all.

After API spent $4 million on the investigation, shareholders are still none the wiser as to where the money has gone. One thing they do know is that it is unlikely they'll ever see it again.

The latest annual report shows a loss of $14 million for the last 14 months. It includes an astonishing $1 million termination payout for former chief executive Jeff Sher.