newsletter march 2011, page-3

Hi Hainholz. Not a holder anymore and haven't been for some time now. The problem being is that they recorded a $1.7m loss for thr last quarter of 2010 and this is despite they have near on $16m on receipts alone for this period. $2.4m cash left on the 31/12 implies only only one thing - a placement. At what level is up to the market to decide. The divvies were retrospectively quite an odd decision now. Great business but they must expand in 11/12 to create further shareholder wealth IMO. The underlying EBIT is strong and revenue is at record levels but the Aussie dollar's strength is killing her off. GL.