nav suffering shareholders, page-6

I did receive some correspondence concerning this matter as set out below without alteration:

Eddie

You invested in a company that went under, it is unfortunately a risk inherent in investing. The holding costs for projects such as Leonora are significant, and this company had no funds to meet those, the reality is that even if it were possible to get $8m for this asset, which it is not, shareholders would still get nothing. I have been doing this a long time, and I am not sure what you are inferring needs scrutinising, but on both a competency and integrity basis I am completely satisfied. I don’t intend getting into any further debate with you on this.


regards


Bryan Hughes | Managing Director

Pitcher Partners
ACCOUNTANTS AUDITORS & ADVISORS

Level 1, 914 Hay Street, Perth WA 6000 | www.pitcher.com.au
T: 08 9322 2022 | F: 08 9322 1262 | E: [email protected]