Don't get me wrong, there is nothing I would like more than to...

Don't get me wrong, there is nothing I would like more than to see this company thrive, to recoup the significant paper losses I have on the shares, but my cynicism is driven by past experience. To be fair, there is much to be positive about in the report with regard to future prospects, and someone with a more positive outlook could argue that the Director's report presents one of the more honest representations of a company's position that you're likely to read in these types of document, but it is very defensive in tone, and has to be framed in the context of the fees that continue to be paid to the management company. I'm currently 50-50 as to future success.