is that it or more to come, page-6

meee

Re 0.6c you are correct in that the company can not predict the movement of the share price.

However, what the company can (should) do is manage the company and the companies capital position in the best interest of shareholders. It is not in the best interests to shareholders to issue more shares unnecessarily, to that end the companies determination (my words) not to issue shares lower than 1.3c. As you correctly point out, nothing can ever be guaranteed which is whay the clause in the cnote re 20% below any raising below 1.3c is there to align the interests of the company and the cnote holders.

Imagine this scenario, cnote holders convertable a 1.3c, world markets continue erratic behaviour, despite growing sales and increased profitability WRR experience further PE contraction thereby despite an increase in profitability the share price goes backward (this has occurred in the small/micro cap space since Nov 07) thereby resulting in a share price below 1.3c. Come Oct 08 when the cnote are due to be repaid and/or converted the company does not have some or all of the necessary funds to repay the notes, they would need to negotiate new terms acceptable to the cnote holders, the 20% below X raising with the maximum payable to the cnote holder of 1.3c is one way which the company can save time/money and have a fall back position.
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Re More sales, I recall reading that the company has stated that 60% of sales are export orders. Whilst ALL large orders are great, I would be concerned if the majority of sales can be attributed to one or two clients, this would carry significant business risk, I infer from your comments that you are of the impression that Telstra is responsible for the majority of sales.
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Re Salary of MD being 40% of revenue
I recall (too lazy to look through the reports) the salary package for the MD is approx $450k, this is includes a base plus commission. As Beam runs a lean and "mean" machine of approx 12 people and has been hamstrung for years by NS I would envisage that as a business unit expenses would be tightly controlled. A salary package of $450k on total sales revenue of $9,520,000 (annnouncement 25 May 2008) equates to 4.73% of revenue, nothing like your 40% which has been indicated.
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Re Optins
I assume you mean employee options, this is a natural part of any business, and should be supported by all shareholders. I am not aware of the MD having been granted "excessive" options. What I am aware of is that as was the case with all cnote holders, options are attached to the cnote. You are correct in that the MD upon conversion of the cnote will receive options, as will all the other cnote holders.

Based on Fridays announcement, the participation in the cnote issue which raised (including committed) $1,925,000 the existing board participated as follows:
- $225,000 Anthon Bigum Biotec International Pty Ltd
- $350,000 Michael Capocchi
- $50,000 John Makormak Ivestments Pty Ltd
- $125,000 Chris Eade (previous director resigned March 2008)
I also recall that employees (of Beam) have also contributed funds, as these names to do have to be signaled out they would be one of the parties listed in the announcement.

Clearly, the support the management team are showing buy putting in some "hard earned" dollars is not something to be glossed over.

Meee, I hope the above helps.

Cheers

Clever1