Ann: Half Yearly Report and Accounts, page-43

Unfortunately for E Merchant's Tom's positivity which I believe is genuine is now being questioned after his untimely sell down. The bungled sell down, followed by the Chairman's statement that they were trading ahead of expectations , followed by a soft HI has infuriated funds, especially those that bought his stock at $2, now 25% down on the deal. The deals that show massive potential seem slow to eventuate.....think the initial foray into the UK and and massive opportunity for re-loadable and the results to date. Think the enormous opportunity Ceasar's presented and the results to date. Think the massive opportunity VP's presented and the results to date. All we have for the next deal , the German mall deal is an LOI at the moment. Now to the funds. Funds use other people's money and it's easier for them to buy and sell if they feel they have been played. I don't think Tom played them when he sold down at $2 but that does not matter now, if the funds think they have been played then in their minds they have been played, end of story. When he promotes and talks up opportunities now there will be a muted response unless he hits it all of the ballpark with a large eps accretive acquisition. Tom is a really smart guy and has built EML from a tiny company to where it is today. Perhaps now it's time now to change track to be the quiet achiever, stop promoting the stock, then surprising the market. And it might be a good idea if he bought a few million shares. Would be galling that he's a better trader than you and I, but would be better than if he didn't buy at all.