Ann: Prospectus , page-22

I have been watching and reading (this forum) for some time now - I have held for a long time also - and the comments from PT, william and Graham have confirmed my worst possible fears for this company and any other company in Australia that tries to succeed in the field of clean energy. Like most long term holders I invested because of my belief in the technology and the unsustainable use of fossil fuel power along with the unpredictable forms of other clean energy - Solar and Wind primarily. There are 3 known base load clean energy power sources - Geothermal, nuclear and wave. Wave is in it's infancy so there is a bit to go on that - although the West Australian based company, Carnegie, seems to be moving along quite well.

When Panax decided to make a move into Indonesia I was relieved, especially as they were going to be partnered by a substantial local company, but I was also very wary - given the way Indonesia works - yes I have done some business there, and to say the least it is interesting...

It seems now that my worst fears have been realised. The signing of the PPA's, in my opinion, will take place after Panax has become insolvent and the technology is owned by a local company.

I think this scenario to be tragic. I also think that a lot of the failings of companies like Panax can be laid firmly at the feet of the Australian government for not having the foresight to invest in this and other clean energy developments - I don't think that Solar and wind count as they are not technically deemed as base load power generators.

Anyway - the long and the short of this is, I like you, have lost a lot of money and will now be very reticent to invest in these types of companies any further.

I guess if we all invested in something like SIR (the new ASX darling who has found some nickel) we would all be happy... but for the life of I still believe geothermal has merit... so I may as well hang in there and see where this ends up.

Apologies for the long post - but seeing as I only post once in a blue moon (or on the signing of a PPA) I think we can live with it.

Good luck all. And Good luck Panax. Oh - and why the hell change the name??? A complete waste of time...